What it means for Australian Resources
Newly re-elected Prime Minister Anthony Albanese has unveiled his Cabinet, with key figures welcomed by mining and the Australian Resources Sector. Here’s what the new leadership means for the resources industry.
Madeleine King Returns as Federal Resources Minister
Madeleine King has been reappointed as the Federal Minister for Resources and Minister for Northern Australia.
Since first taking on the role in June 2022, King has led major initiatives to boost private investment in Australia’s resources sector. Two key incentives are set to continue:
- Critical Minerals Production Tax Incentive – 10% refundable tax offset for processing eligible critical minerals
- Hydrogen Production Tax Incentive – $2.00 per kilogram for renewable hydrogen production
“I am honoured to be reappointed Federal Minister for Resources and Minister for Northern Australia as part of a re-elected Albanese Labor Government,” King said.
“Strengthening our resources industry is a key priority of this (Federal) Government as a part of its ‘Future Made in Australia’ agenda…”
She reaffirmed the strategic importance of critical minerals and rare earths to national security and economic growth.
Resources Sector Policies Set to Continue
The Federal Government has confirmed a range of ongoing commitments to the resources sector, including:
- $1.2 billion Critical Minerals Strategic Reserve
- Continued support for companies affected by US tariffs
- $750 million investment in low-emissions technology
- $2 billion in green aluminium production credits
- $1 billion to grow green iron manufacturing and supply chains
Industry Leaders Welcome King’s Reappointment
Industry leaders were quick to praise the continuity in leadership.
“To retain someone of the highest calibre in Minister King to her current portfolios is a win for our industry,” said Warren Pearce, AMEC CEO.
Tania Constable, CEO of the Minerals Council of Australia (MCA), acknowledged King’s consistent backing of the mining sector.
Janette Hewson, CEO of the Queensland Resources Council (QRC), noted:
“QRC has been encouraged by Minister King recognising the crucial role the mining industry plays in Australia’s efforts to achieve lower emissions targets.”
Hewson also highlighted King’s WA roots and understanding of the sector’s economic impact.
New Assistant Minister for Australian Resources Appointed
Queensland Senator Anthony Chisholm has been appointed as the Assistant Minister for Resources — a new role introduced in the Cabinet reshuffle.
Minister King said she is “thrilled” to collaborate with Chisholm.
“Our resources industry is the engine room of the economy, but it is also increasingly important for our sovereignty and our national security,” King said.
“Critical minerals and rare earths are essential for our defence industry…”
Both AMEC and QRC have expressed enthusiasm about working with Chisholm to support sector growth.
Murray Watt Named Federal Environment Minister
Murray Watt has stepped into the role of Federal Environment Minister, replacing Tanya Plibersek. He previously served as Employment and Workplace Relations Minister.
Watt will now lead the rollout of the Nature Positive Plan, which includes reform of the Environmental Protection and Biodiversity Conservation (EPBC) Act.
“We now look forward to open and transparent consultation on the proposed EPA and changes to federal environment legislation,” said AMEC’s Warren Pearce.
Industry leaders also thanked Plibersek for her service and welcomed Watt’s fresh perspective.
Other Key Cabinet Appointments
- Amanda Rishworth has taken on the role of Employment and Workplace Relations Minister
- Tim Ayres has been appointed Industry, Innovation, and Science Minister
- Chris Bowen returns as Minister for Climate Change and Energy
- Jim Chalmers continues as Treasurer
Tania Constable, MCA CEO, said:
“We look forward to working closely with all current and incoming Ministers to support policy outcomes that ensure the continued strength and sustainability of the Australian economy.”
QRC’s Janette Hewson added:
“It is essential that all levels of government work together to remove duplication and excessive regulation…”
“Queensland has abundant reserves… and QRC looks forward to constructive engagement with the government to achieve policies that encourage new exploration and investment…”