The Albanese government will commit a further $500 million from the Northern Australia Infrastructure Facility (NAIF) to help kickstart a critical minerals processing industry which it claims could create $133.5 billion in new economic activity and 262,600 new jobs by 2040.

As countries rush to boost energy security and lessen their reliance on China for key minerals, such as lithium, the federal government has also announced it will conduct a review of the Australia’s critical minerals list by the end of the year.