Australia will tighten scrutiny of foreign investment into mining and refining of critical minerals as part of an overhaul of its national regime, while speeding up approvals in low-risk areas to boost economic growth.
“Foreign investment is where the stovepipes of economic and national security have often failed to meet in the past,” he will say, according to excerpts released in advance. The government estimates direct and portfolio foreign investment in Australia’s economy grew to about A$3.5 trillion in 2023. China’s tight grip on the critical minerals supply chain, such as lithium and rare earths processing and refining, has prompted Australia to work with allies including the US, Japan and South Korea in recent years. This latest move by Chalmers builds on the momentum to date.