More than $500 million to find new resource deposits
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The news: The Albanese government will commit $566.1 million over ten years from 2024-25 to deliver data, maps and other tools for use by the resources industry to make new discoveries of critical minerals, rare earths and other resources.
The context: Prime Minister Anthony Albanese will make the announcement, a new spending measure in next week's budget, in a speech in Perth on Wednesday.
The commitment, which will come under the banner of his Future Made in Australia policy, will help Geoscience Australia map resource deposits across the country.
Geoscience Australia’s pre-competitive data program has already led to major discoveries including deposits of the critical minerals and rare earths.
What they said: "A future made in Australia relies on providing confidence to investors, and supporting those who take on the task of exploring our vast continent," Albanese will say in his speech.
"The world-leading experts at Geoscience Australia will drive this work. And our Government will ensure their findings are freely available to industry.
"So companies know where to drill, dig and explore to find the mineral resources that will power our future growth and prosperity."
The source: Prime Minister's statement
