Albanese government to create $1.2bn stockpile of critical minerals to protect Australia in volatile trade environment

Critical minerals have become a key bargaining chip in the Trump trade war. Now Anthony Albanese has made a huge decision to protect Australia’s metal assets.

The Albanese government plans to create a national stockpile of critical minerals to ensure Australia keeps a supply of its own natural resources for use in hi-tech manufacturing, AI and energy.

As countries like China and the US rush to buy up the world’s supply of important metals used in everything from smartphones to solar panels, Prime Minister Anthony Albanese will on Thursday announce if re-elected his government will invest $1.2bn to safeguard enough for Australia’s own use.

Labor’s Critical Minerals Strategic Reserve will have two components – a system to allow the government to directly buy and sell critical minerals from voluntary agreements with existing and new mine projects, and a stockpile to store select metals.

Prime Minister Anthony Albanese at the Collie Battery Energy Storage System in Western Australia on Wednesday. Picture: Mark Stewart / NewsWire

Minerals held by the Reserve will be made available to domestic industry as well as “key international partners,” which could pave the way for Australia using its supply as leverage to woo US President Donald Trump during tariff negotiations.

The minerals like cobalt, lithium and nick could also be made available to manufacturers in places like Japan and South Korea, with any allocations to be determined by the government based on consultation.

The Reserve would be up and running by mid-2026, which Mr Albanese said would ensure Australia could deal with trade and market disruptions “from a position of strength”.

“In a time of global uncertainty, Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience,” he said.

Mr Albanese campaigned in Western Australia on Wednesday, visiting a new battery farm at the site of the coal-fired power station in the town of Collie, where Peter Dutton is planning one of his seven nuclear reactors.

The Opposition Leader has not visited Collie, or any of the other proposed sites, so far this campaign, with Mr Albanese accusing his opponent of avoiding talking to the local community about their concerns with the idea.

Labor will also on Thursday announce $32m in funding to support men’s health to help “break the stigma” around seeking support.

It includes $11.3m for Movember to provide men’s health care training to primary health care workers, and to develop a campaign to encourage men to visit the doctor.

The remaining $20.7m will be given to grassroots initiatives like the Men’s Shed and the Black Dog Institute to research men’s mental health and suicide prevention.

Health Minister Mark Butler said “too many blokes” put off prioritising their health.

“Men’s Sheds are helping men and boys find mateship and social support to help them stay mentally and physically healthy,” he said.

Earlier on Wednesday, Mr Albanese also visited his own seat of Grayndler for a local funding announcement, where he faced questions about why his “how to vote” card preferenced a controversial Greens candidate second.

Hannah Thomas has previously claimed Israel is guilty of genocide and has said to vote for the Greens was “to vote with Palestine”.

The PM said he didn’t even know Ms Thomas’ name and preferences were a matter for Labor Party officials.

Executive Council of Australian Jewry co-chief executive Alex Ryvchin said there was something “profoundly disturbing” about Labor relying on second preferences from a party that “makes false claims of genocide and then accuses the Prime Minister of being complicit in this”.

“The Prime Minister should … not (be) uplifting and rewarding them,” he said.

Originally published as Albanese government to create $1.2bn stockpile of critical minerals to protect Australia in volatile trade environment