New Global Resources Strategy to help diversify exports

The federal government will invest $20 million in a Global Resources Strategy to find new markets for Australia’s resources and technology, and aid in diversifying exports. Minister for Resources, Water and Northern Australia Keith Pitt and Member for Herbert Phillip Thompson launched the new strategy in Townsville last week.

Pitt stated the strategy will strengthen Australian resources exports and promote Australia as a reliable and responsible supplier on a global scale.

“The Strategy will also support global demand for Australian resources as the world recovers from the impacts of the COVID-19 pandemic and help Australia build resilience to trade shocks,” Pitt said.

The Global Resources Strategy will help secure new markets and long-term benefits for the wellbeing of the sector and the Australian economy, in addition to boosting investments in regional Australia through exploring new markets for major commodities and critical minerals in the Indo-Pacific, Europe and North America.

“The Strategy supports the jobs of 262,000 people who currently work in the sector and will help create even more jobs by seeing an expansion in our export markets,” Pitt said. “It will also support new investment in research and commercialisation of alternative uses for some of our commodities and provide greater international focus for our world-leading and innovative mining, engineering, technology and services sector.”

There will also be a focus on building closer relationships with key trading partners via increased engagement, at both government and industry levels.

“We’re looking to explore new export opportunities in Southeast Asia, where the World Energy Outlook reports demand for major commodities such as thermal coal is expected to increase beyond 2020 levels until 2030,” Pitt said.

The Global Resources Strategy will additionally involve expert advice on opportunities for both existing and emerging commodities such as hydrogen and critical minerals.

Federal Member for Herbert Phillip Thompson is optimistic that the Strategy could boost the local economy. “We know how important the resources sector is for Townsville and the jobs that it supports for our city,” he said. “Anything that could help create jobs in any industry has my support and that includes finding new markets for our resources.”

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