Australia’s critical minerals policy risks going off the rails. The Albanese government is being urged to apply a zero-sum geopolitical lens that would see China designated only as a threat, not a potential partner. The reasons the sector is in the policy spotlight are well known.

As global demand for Australia’s fossil fuel exports enters a period of structural decline, critical minerals can pick up the earnings slack. And because it’s early days, there’s an opportunity to move beyond a “dig it up, ship it out” model.