Washington | Taxpayers will back another $2 billion into cheap loans and guarantees for Australian critical minerals miners and processors to bolster their chances of tapping America’s mammoth green energy subsidy scheme known as the Inflation Reduction Act.

Prime Minister Anthony Albanese will double the amount available under the Critical Minerals Facility to $4 billion, helping projects get off the ground that were struggling to attract bank finance, and creating jobs across clean energy, manufacturing and defence supply chains.