Allocation of $500 Million in Budget 2024 for Mineral Mapping in Australia to Support Net Zero Goals

The Australian federal government has allocated $566.1 million over a ten-year period to gradually map Australia’s potential for critical minerals, alternative energy, groundwater, and other resources. This scientific information will guide future investments.

This initiative aims to subject every square centimeter of the 7,688,287 square kilometer continent to geological mapping in search of mineral deposits, despite the presence of numerous mining companies already operating in the area.

This undertaking aligns with the government’s “Future Made in Australia” strategy to address current global challenges.

The “Resourcing Australia’s Prosperity” program, managed by Geoscience Australia, will be responsible for the mapping process. It is expected to take 35 years to map the highly prospective regions, critical minerals, groundwater, and resources essential for the transition to a net-zero future through deep dives.

Additionally, there will be an expenditure of $448.7 million over 11 years starting in 2023/24 to continue the partnership of nearly 50 years with the U.S. Geological Survey in the Landsat Next satellite project.

This mapping process plays a crucial role in monitoring changes in the Earth’s surface, supporting mining exploration, climate and water observations, environmental and agricultural health, flood and fire management, and response to natural disasters. This operation is based in Alice Springs.

$33 Billion Investment for Net Zero Goals

However, the $33.4 billion budgeted for the next decade will focus on stimulating domestic manufacturing and accelerating progress toward net zero emissions. This includes $13.7 billion for production tax credits aimed at green hydrogen and critical minerals processing, along with an additional $19.7 billion for achieving renewable energy targets.

“The world is committed to achieving net zero emissions by 2050,” stated Mr. Chalmers. He emphasized that this goal requires a significant transformation in the global economy, with Australian resources playing a crucial role in the transition.

Promising rigorous and disciplined decision-making regarding public investments, he warned that failing to act swiftly could result in missed opportunities for job creation and economic prosperity.

Shadow Treasurer Angus Taylor expressed support for the manufacturing and minerals processing sectors but raised concerns about providing significant production tax credits to billionaires.

Additionally, the government’s package includes $1 million for an educational program pilot aimed at enhancing the critical minerals sector’s ability to detect, prevent, and mitigate foreign interference.