New industry for Qld to provide ‘powerful’ boost to manufacturing, jobs

Queensland is poised to deliver a “powerful” boost to the economy and jobs through next-generation manufacturing.

Industry Minister Ed Husic. Picture: Lachie Millard

Queensland is poised to deliver a “powerful” boost to the economy and jobs through next-generation manufacturing and could form lucrative partnerships with neighbouring countries like Indonesia to shore up “broken” supply chains.

Manufacturing Minister Ed Husic said Queensland firms are already working to leverage the state’s rich supplies of critical minerals, such as vanadium, which are vital for manufacturing batteries for EVs, homes, businesses, industry and stabilising the grid.

But he said these firms would get a further boost when the $15 billion National Reconstruction Fund is operational.

The NRF is a $15 billion fund which will provide loans and guarantees in partnership with private enterprise to expand manufacturing in key areas including low-emissions technology, agriculture, resources, defence, transport and medical science.

The Albanese Government this week appointed the NRF board, including Queenslander Karen Smith-Pomeroy who Mr Husic said would help ensure it did not become “a Sydney-Melbourne club”.

Mr Husic said coal would continue to play a huge part in the economy, but using the NRF to boost up manufacturing would play role in keeping and creating jobs in the regions.

“We make a lot of money as a nation from mining and farming, and will continue to do so,” he said.

“But the next stage for the nation in terms of its economic development is value adding and we have in Queensland, great stores of critical minerals, not the least of which is vanadium (used in batteries).

“Energy storage is the big thing. It’s not just about batteries for EVs. It’s about batteries for homes, businesses, industry and stabilising the grid.”

Mr Husic said revitalising manufacturing was vital in restoring “broken” supply chains.

Crashed Vanadium ore. Picture: AFP Photo/Yasuyoshi Chiba

He said there were opportunities to team up with countries like Indonesia, which was seeking to develop an EV manufacturing industry, while Australia sought to invest in batteries.

“If we team up with friends like Indonesia, that is a powerful combo,” Mr Husic said.

“We can turn this into a huge, really powerful economic story as well as a job story.

“There are a lot of Queenslanders that are thinking about how to do things differently.

“If they can manufacture what they want to do in Queensland and create great jobs for Queenslanders, then we should work with them on delivering that vision.”

Mr Husic said he would not put a time frame on when the NRF would be operational or start taking application, other than to say it would be during this term of government.