- March 18, 2022
- Posted by: Stratford Team
- Category: Economy
On Wednesday, Prime Minister Scott Morrison announced $243 million in fresh grants for Australian projects that will source and refine critical minerals, including rare-earth metals – key manufacturing ingredients in the renewable energy economy.
The move, in advance of a looming federal election, kills two political birds with one policy stone. In theory, it will build a local industry that supports the world’s shift to a green-energy future, for which these minerals are deeply needed. It will also reduce Australia’s reliance on China, which currently supplies almost all of the world’s critical minerals, and with whom our international relations continue to fray.
Resources Minister Keith Pitt explicitly pointed out that Russia’s oil dominance over other European countries since the onset of the Ukraine invasion was part of what prompted the government to reassess its reliance on China, which holds a…