Resource Mapping for Future Made in Australia
A generational investment to find new deposits of minerals and sources of energy to help build a Future Made in Australia will appear in the next week's Federal budget, with the aim of transforming Australia's energy and resources sector by sourcing more raw material at home.
The Australian Federal government has pledged a substantial $566.1 million investment over the next decade, starting from 2024-25, to drive a Future Made in Australia through discovering new mineral deposits and energy sources, with a particular focus on using advanced data, maps, and tools to move the industry forward.
Leading this ambitious project will be Australia's top geoscientists, tasked with fully mapping the country's resources. This comprehensive mapping effort is designed not only to uncover new resources but also to support domestic production, create jobs, and ensure economic security for future generations.
"The road to net zero runs through Australia’s resources sector," Minister for Resources, Madeleine King declared. "This funding will ensure we can draw the map for our resources companies to find the minerals we need to drive our economy and build the technology we need to reduce emissions."
A key aspect of this initiative is the full funding of Resourcing Australia’s Prosperity (RAP) for 35 years, ensuring long-term support for exploration and future discoveries. RAP will extend its mapping efforts to offshore areas, identifying potential sites for carbon capture, storage, and clean hydrogen projects. This work will be crucial in pinpointing optimal locations for the production and storage of clean hydrogen, an essential component in transitioning to renewable energy sources.
Additionally, this investment will provide deeper insights into Australia's groundwater systems, supporting climate resilience, agriculture, and water security.
The initiative also aims to support local communities, farmers, and First Nations peoples in managing their land and water resources effectively. Minister King stressed the importance of this community support, stating, "The Albanese Government has put the resources industry at the heart of its policy making because it knows a strong resources sector means a strong Australia."
This investment builds on the success of precompetitive geoscience, which has already led to significant discoveries of critical minerals and rare earths. According to Prime Minister Albanese, precompetitive geoscience has supported the addition of billions of dollars of value to the Australian economy and tens of thousands of jobs.
More detail will be available following the Budget delivery next week.
