MINISTER MADELEINE KING: As you’d all know, the Albanese Government has announced a series of measures worth about $28 billion to support the critical minerals sector of this country. $17 billion in production tax credits, plus a number of low-risk loan facilities through the Northern Australia Infrastructure Facility, as well as Export Finance Australia, and also the landmark Critical Minerals Framework signed between Prime Minister Albanese and President Trump, alongside myself and Minister Ayres in the White House last October. I also want to raise that I have discussed the Critical Minerals Strategic Reserve at a meeting of G7+ ministers in Toronto last year, and today the Treasurer, Jim Chalmers, is meeting with G7+ finance ministers and will also be briefing them on this update to the Critical Minerals Strategic Reserve.

And what this says is that whilst Australia is not a member of the G7, because of our extraordinary resources sector and natural advantages in resources and critical minerals, we are welcome at these forums as a leader on rare earths and critical minerals globally. And the work the Albanese Labor Government is doing is part of taking up our responsibility to lead in developing secure supply chains for the whole world. So what I am announcing today around the Critical Minerals Strategic Reserve has a few elements. First of all, we will introduce new legislation to make the reserve a reality this year. And that legislation will expand the powers of Export Finance Australia, and the Department of Industry, Science and Resources will be overseeing strategic reserve transactions, and I, as the Minister for Resources, will have oversight of that. The new powers of the EFA will enable offtake agreements with fixed or floating prices, trading in forward offtake agreements and intermediary demand and supply aggregation, as well as stockpiling and contracts for difference. Obviously, I can go into more detail about those. We are also, today, setting priority critical minerals for the reserve, and they will be antimony, gallium and rare earth elements. All very important minerals that go towards clean energy technology but also advanced military equipment. And the last part of the announcement is that the Critical Minerals Strategic Reserve will be in operation by the end of this year.

So all in all, we have been moving forward over the past six months in doing the work of the taskforce to develop the reserve. There is more work to be done, but right now we’re adding certainty into the design of the reserve through these announcements today. We’ll continue to engage very actively with industry but also with our international partners who we know want to be involved in Australia’s world-leading initiative in terms of this strategic reserve to create those secure supply chains. With that, I’m really happy to take questions. Might I ask if there’s any questions about the strategic reserve, we’ll do that first and then move on to other questions.

JOURNALIST: You said the strategic reserve will be in place by the end of this year. Is there any - you know, although it will require flexibility due to, you know, pricing and the like, is there any initial volume target for gallium and antimony and rare earths?

MINISTER MADELEINE KING: Well, all of these products are low volume. So we won’t target volume specifically. It will be about demand and what can be produced as well, so a bit of both, right? So we will be talking with international partners, and we know other countries are doing their own audits of what they expect their needs will be if they haven’t already done so. So, really importantly, the reserve is being created for the benefit of Australians and Australian taxpayers because they are supporting this initiative. But it is in the interests of Australia to make sure we work collaboratively with partners to bring in other financing into this, and also make sure those secure supply chains are established.

JOURNALIST: Is there any opportunity for more offtake agreements with those G7 nations [indistinct]?

MINISTER MADELEINE KING: Yeah, we are investigating and have been talking very actively with other - with the G7 nations around how they participate in this reserve, whether it’s through novel financing. Based on past experience, we know some countries have been very active in the past in securing particularly rare earth supply chains. Japan in particular has been very forward-moving for a very long time in this area, so we have spoken to them extensively. We also know a lot of the products we are talking about, especially in terms of antimony and gallium and rare earth elements, are very important within the AUKUS context as well. So making sure those products are available for the builds our three nations of AUKUS are doing in the submarines is also going to be important.

JOURNALIST: There were some concerns last year or, sorry, maybe the year 2024, when you guys first announced this about, you know, the potential impact on prices, what this could do to the market. Are you still confident this won’t have any [indistinct] downward pressure on prices?

MINISTER MADELEINE KING: Well, the issue with the market is that the pricing is already pretty - very unstable. So this is about bringing stability into the market to further that investment. We saw the American administration move forward this last year with the Mountain Pass investment, setting a floor price on rare earths, but that is a mine that only has light rare earths, and Australia has the heavier rare earths, which is really important. So what we want the strategic reserve to do is to use a number of tools, and that’s what the legislation will enable Export Finance Australia to do, to be able to support that industry, set a minimum price so that we can encourage more investment, create stability in the market, but also as prices rise, and, you know, we think they will, that there is the opportunity for the Australian taxpayer to get the upside of that price rise as well as, you know, do the support that we need right now to start the industry off.

JOURNALIST: How quickly can we expect to be refining these critical minerals on Australian soil?

MINISTER MADELEINE KING: Pardon me? Can you say that again?

JOURNALIST: How quickly can we expect to be refining?

MINISTER MADELEINE KING: Certainly. So we are refining them right now. Lynas Rare Earths in Kalgoorlie is doing an important stage of this. And, indeed, Lynas Rare Earths from the deposit at Mount Weld is the only Western supplier of rare earths processing at the moment. We’ve also invested over a billion dollars in the Iluka heavy rare earths stockpile up in Eneabba, and they are expecting production, I believe, in about a year, the start of 2027. Arafura Nolans Rare Earths Project in Alice Springs is also going through its investment decision-making. Indeed, Arafura has got the support of the US Government when we met with President Trump at the White House last year. And they expect to be operational and processing, I think, before the end of 2028. And there are other projects online, but these are the three that are very close to working right now. So they're vitally important, and we’re making great steps in making that supply chain an alternate supply chain to the one that exists and is very vulnerable, for the benefit of Australians, but also for our international partners.

JOURNALIST: Are you still hoping to leverage Australia’s critical minerals supply to secure and carve out [indistinct] US tariffs?

MINISTER MADELEINE KING: Well, the tariffs argument is ongoing. We believe as Australians that tariffs don’t benefit anyone really; it’s only an extra tax on the consumer in the end country, and we will always continue to advocate for the reduction - indeed, the elimination - of tariffs with the US. But we treat the Critical Minerals Framework as a separate matter because of its vast importance to our country, to the US but also the UK and our other international partners.

JOURNALIST: And so what outcome are you seeking from the G7 meeting in Washington?

MINISTER MADELEINE KING: The G7 finance ministers meeting, we expect - in fact, we get invited to these meetings because of initiatives like the Critical Minerals Strategic Reserve but also the production tax credits, and, indeed, even our investment in Geoscience Australia is recognised around the world as a globally important initiative into mineral exploration. So the outcome is yet to be determined, and that is what the Treasurer is doing right now. What we would hope for and have always advocated for is greater cooperation and collaboration with our international partners. Australia as a nation is always dependent on international investments to build its industries, and that is what we would expect would come from - and, in fact, already happens with our G7 partners but a more - a pulled together, I guess, approach to how we invest is what’s needed. And the strategic reserve is likely to be the mechanism we’ll be able to use for that.

JOURNALIST: Are you still confident this thing’s going to generate [Indistinct]

MINISTER MADELEINE KING: It’s going to be a long road, there’s no doubt about it because it is a severely challenged industry. But the level of need for an alternative supply chain across a number of countries, it gives me much confidence that there will be that upside. For Australia and Australians, really importantly, the investment the government is making in supporting the industry itself will be job-creating, both in the extraction side of the sector, but also in advanced processing and advanced manufacturing into the future. So there’ll be many upsides. It won’t be revenue upside in the immediate term, but I’m confident, as we change the dynamics of this global market based on our abilities and our standards, that there will be an upside for the Australian taxpayer.

JOURNALIST: Have your kind of timelines or expectations [indistinct] announced [indistinct]?

MINISTER MADELEINE KING: I’m actually more optimistic it will be a bit quicker than that, just because of the way the world is moving in its rapid attention on these matters. So I’m confident but, nonetheless, it is such a challenging environment and a challenging market that we, I guess, have to be circumspect. But we will design and are designing this reserve to make sure that the Australian taxpayer gets the benefit, whether that be in the supply for the things we need to achieve net zero, for the defence of our nation, but also if the market improves and the upside comes on that revenue side. We’re laser-like focused on those things.

JOURNALIST: What’s your view of Donald Trump’s renewed threats to take over Greenland? And could this influence Australia’s relationship with the United States?

MINISTER MADELEINE KING: Yeah, well, the - really importantly, one of the things that Americans often comment about Greenland is its critical minerals and rare earths deposits. And I’ve said this consistently - you know, we’ve got those things, and that’s why the US is investing in our country to make sure they have, you know, a solid footing in being able to have part of that supply chain. And that’s important. What happens in Greenland will be a matter, of course, for the people of Greenland and the relevant government.

JOURNALIST: [Indistinct] that might not meet ours?

MINISTER MADELEINE KING: I dare say that the challenge in Greenland is a lot around its geography, its remoteness, its different environment. It doesn’t have an advanced resources sector like we do in Western Australia, in particular, but right across the country. So, in the immediate, short to medium term, Australia is a much more desirable location for extracting and processing minerals.

JOURNALIST: You just said it’s a matter for the people of Greenland and the relevant government. Just to be clear - the relevant government is Denmark?

MINISTER MADELEINE KING: Absolutely, sorry, yeah. Yeah, the people who have, I guess, ownership, for want of a better word, of Greenland.

JOURNALIST: And that is Denmark, yeah?

MINISTER MADELEINE KING: That is Denmark, yeah.

JOURNALIST: So, should the United States be respecting Greenland and Denmark’s sovereignty?

MINISTER MADELEINE KING: Every country should respect the sovereignty of every other country. It doesn’t matter who it is, right? And I’m not going to get into an international debate today here on the shores of Rockingham, but we will obviously be very interested in what happens, as you can imagine. But it will be a matter for the people of Greenland and the government of Denmark.

JOURNALIST: Is just talking about it disrespecting the sovereignty?

MINISTER MADELEINE KING: Who are you talking about?

JOURNALIST: Donald Trump talking about buying and not ruling out force to take Greenland?

MINISTER MADELEINE KING: Administrations around the world say a lot of things. We won’t necessarily agree with every single one of them, and I will leave the President to continue his ruminations. I’m sure he’s not listening so much to mine.

JOURNALIST: So do you disagree with the President’s ruminations in this instance?

MINISTER MADELEINE KING: I’m simply not going to comment. I would only say that the future of Greenland will be decided by the people of Greenland.

JOURNALIST: Shouldn’t the international world be calling out Donald Trump for this, rather than just trying to avoid commenting [indistinct]?

MINISTER MADELEINE KING: Well, I can’t say much more than the future of Greenland will be decided by the people of Greenland.

JOURNALIST: Was 25 days too long to make a decision on a royal commission into Bondi and antisemitism?

MINISTER MADELEINE KING: I can only add, you know, my sentiment to the wider commentary that’s been placed on the royal commission and, indeed, the events of Bondi. And this is my first public comment on that. An entirely shocking event that no-one ever imagined would happen here in this country. Royal commissions are very difficult. They’re - a lot has to be taken into consideration. We saw New South Wales call and investigate a royal commission very quickly, so before we could move to one as a federal government, we had to work with the New South Wales Government around that. I would also - I want to make it very clear that there is a criminal investigation ongoing. Two men grabbed a pile of outrageously massive, deadly weapons and walked across a bridge into a crowd of Jewish people with the intent to kill them. And those two men, one of which is dead and one who’s alive and in prison, must be held accountable to the full force of our criminal law. And this government in no way wanted to do anything that would jeopardise that criminal investigation. So, if it has taken some time to get to where we are, much of that is around the issue of another royal commission, but, really importantly, that criminal investigation that must hold those two individuals to account for the mass murder they committed on the shores of Bondi.

JOURNALIST: But there was no indication that a federal royal commission was being considered. It appeared that it had been ruled out. Could some conversation or acknowledgement that might be considered have avoided the anger that developed over the last couple of weeks?

MINISTER MADELEINE KING: Certainly, much will be made of what has been said and not been said. I know in the immediate aftermath of the killings of the Jewish people at Bondi that our government, our Prime Minister, our Attorney-General, our Home Affairs Minister and the members of the NSC - the National Security Committee - have been working every single day on this. Calls from different parts of the media about what we should and should not do are important, and I respect them, but I also respect that processes have to be gone through very thoroughly by the Prime Minister and every one of the cabinet ministers to deal with these matters in the proper way. That has been done. This commentary, I know - and that’s okay. This is an event that has changed the nation. It has changed the nation, there’s no doubt about it. Into the future, the royal commission will be an important investigation of the rise of antisemitism in this country and the need for increased social cohesion. And, you know, we will participate, as well we should.  

JOURNALIST: But they weren’t calls from the media out of thin air; they were calls from the families of the Jewish victims and eminent judicial officers and the like.

MINISTER MADELEINE KING: Yeah.

JOURNALIST: I mean, surely there could have been an indication that they were being heard and it was under consideration. Would you have preferred that to have been said sooner?

MINISTER MADELEINE KING: Yeah, sorry, I didn’t mean to say it was just the media. No, that’s quite right; there were calls and lots of speculation from many places. What is really important is that the Prime Minister and all the ministers have listened to those calls, spoken to many groups, especially, of course, the groups directly affected - the families of the injured, of the dead, the murdered, the Jewish community of Bondi but, of course, across the wider community, those of the Jewish faith in Australia. And we have brought in the letters patent and started the royal commission. So listening has been a really important part of this. You know, I understand people might have wanted different things at different times. But I know, and from the many conversations I’ve had with my ministerial colleagues, there’s been an extraordinary amount of effort gone into addressing what is, you know, a tragic moment in our country’s history and making sure it never happens again.

JOURNALIST: Can I just ask [indistinct].

MINISTER MADELEINE KING: Yeah, sure.

JOURNALIST: Rio [Indistinct].

MINISTER MADELEINE KING: You know, I always advocate for Rio Tinto to set up their headquarters in Perth, given their, well, the CEO is from Wickepin. But, you know, that will be a matter for the companies. Rio Tinto derives, you know, a lot of its revenue from the Pilbara. It will always be regarded as a Western Australian asset in our hearts, I think. But Rio Tinto is a global company, and you can see its influence in the global resources industry is really important. We saw the incoming CEO also meet with President Trump in the White House, just showing how important - and the CEO of BHP, I might add - how important these, you know, resources companies, whilst not always based in Perth - one in London, one in Melbourne - are so vitally important to international thinking on resources extraction.

JOURNALIST: So are you broadly comfortable with the idea of the two merging [indistinct]?

MINISTER MADELEINE KING: Look, it will be a matter for those companies. They’ll go through their proper processes, and I respect the fact they keep the government informed on that.

JOURNALIST: Do you have any concerns about the new travel rules for MPs and their families, and does it put WA MPs at a disadvantage?

MINISTER MADELEINE KING: I don’t have any concerns. I would only add, as always, MPs from - and senators from Western Australia but also the Northern Territory, just have further to travel, spend further - spend much more time away from home than any others. So, you know, it’s a privilege to serve as always, but it can be difficult.

JOURNALIST: And, I mean, is there need to acknowledge, like, the role of family time in that and the need sometimes for family reunion travel?

MINISTER MADELEINE KING: I think family reunion travel is vital. I really do. I think sometimes - families aren’t all the same as well. My family is certainly not traditional. But we - there’s a notion about dependency that, you know, you have dependent children. But in my personal opinion, sometimes MPs just have - you know, we depend on our families rather than they depend on us to get us through. Because it is quite a lonely life in Canberra, so I think family reunion travel is important, and we all acknowledge its important.

JOURNALIST: Ah you’ve been--

JOURNALIST: Is it always going to be, like, public - I don’t know if politician travel can ever pass the public pub test but --

MINISTER MADELEINE KING: I know.

JOURNALIST: But do you think the balance is right now or too tight or too lax?

MINISTER MADELEINE KING: You know, decisions have been made. I just think - it’s just difficult. But we continue to serve, and it’s in the interests of the Western Australian people that - and the Northern Territory, people that live far away, that we have a system where we are enabled to do our job and do it well with the support of our families, and that is happening.

JOURNALIST: You’ve been no stranger to growing issues with illegal tobacco in WA. Are you confident the Federal Government is doing everything it can to stop those products getting into the country in the first place?

MINISTER MADELEINE KING: Yeah. Yes, I am. Illegal tobacco is - we’ve seen the growth in this, and for many of us who grew up, in younger days, I smoked as well, right? And we find it, now that we quit 30 years ago, disturbing the incredible rise of smoking among younger people, but then also the incredible rise of the illegal trade and the violence that’s coming with this right across the country. So I’m very confident that the Australian Border Force is doing all it can to monitor that illegal importation. There’s a lot of work going on in this space.

JOURNALIST: And do you think WA is lagging behind in its illegal tobacco crackdown?

MINISTER MADELEINE KING: No, and I saw those reports earlier today. I’m confident that, I think it’s Minister Whitby, is looking into what they can do more extensively on this. I agree with the Government of Western Australia - this is a scourge. It’s a big challenge, too, a clandestine, secretive black market trade run by violent people is difficult to deal with. But they are determined to deal with it. 

JOURNALIST: So what exactly --

JOURNALIST: And has the Federal Government given the Cook Government a nudge to deliver the new laws?

MINISTER MADELEINE KING: I think we’re of one mind on the illegal trade in tobacco - that we want it to end. Tobacco excises are designed to discourage smoking, and that should be the way it’s done; not through trying to avoid the excise through illegal trade.

JOURNALIST: It’s not exactly clandestine, though, is it? I mean, everyone knows the convenience stores popping up everywhere are selling them, and inspections have been halved.

MINISTER MADELEINE KING: Well, we see the tobacco stores, but the importation of illegal tobacco is certainly clandestine. It’s illegal, it’s hidden in containers, and that’s what the Australian - in various receptacles, and that’s what the Australian Border Force is investing a lot of in making sure it captures it at the border, rather than it getting to these tobacco stores that we see ever increasingly.

JOURNALIST: Does WA need - I know you said, you know, Minister Whitby is on to it, but every other state has already acted. Does WA need to move faster?

MINISTER MADELEINE KING: Well, I mean, I do have a lot of confidence in what the WA State Government is doing in this regard. And I’ve no doubt that they will move as swiftly as they can to end this.

JOURNALIST: What’s your view of the Adelaide Writers Festival axing writer Randa Abdel-Fattah from the list of speakers following the Bondi terror attack?

MINISTER MADELEINE KING: Yeah, well, I’ve seen the comments that the author in question made. To be frank, in my own opinion, I’m surprised she ever got an invite to the Adelaide Writers Festival. I’ve got to say, I am on a unity ticket with Premier Malinauskas on this, and the views that she has said in relation to wishing for the end of Israel, as well as some other pretty, you know, vile commentary, you know, doesn’t deserve an invitation to the Writers Festival.

JOURNALIST: And so just to be quite clear, you don’t think that she should be reinstated?

MINISTER MADELEINE KING: Absolutely not.

JOURNALIST: Just finally, Meta says it has kicked off half a million Australian children off its platform since the social media ban came into effect. Is the government sat aside - satisfied, sorry, with those numbers, or is there more [indistinct]?

MINISTER MADELEINE KING: Look, I will leave that to the Communications Minister. I’ve not seen all the figures, but what we know is that the ban on social media is world-leading. The feedback from the local community is that they support it. We know it’s not going to be perfect, but it is going to encourage kids to get off the screens and perhaps get down to beaches like this.

SPEAKER: Thanks guys.

MINISTER MADELEINE KING: Thank you very much. Thank you.