The Australian government has committed to providing significant funding to challenge China’s dominance in the supply of key minerals. They also aim to establish a critical minerals processing industry that could create 262,600 jobs by 2040. The Minister for Resources and Northern Australia released the critical minerals strategy, which seeks to make Australia a major producer of critical minerals and boost economic opportunities. China currently controls over 80% of the world’s rare earth supply and receives 97% of Australia’s lithium. Australia is a major producer of metals and critical minerals essential for low-emissions technology. However, most of their production is shipped to Asia for processing. The strategy emphasizes monitoring foreign investment in critical minerals projects. Australia possesses extensive mineral reserves, but funding is needed to develop them and establish processing facilities. The government plans to invest $500 million in critical minerals projects through the Northern Australia Infrastructure Facility. The strategy recognizes Australia’s potential to contribute to the global demand for processed minerals and its reputation as a reliable exporter of energy and resources. However, the minister acknowledges the challenges that must be overcome to enter the profitable processing industry. Independent modeling suggests that increasing exports of critical minerals and energy-transition minerals could create a substantial number of jobs and contribute to GDP growth. The government is also reviewing a list of designated critical minerals to support energy security and reduce reliance on China. The list currently includes 26 minerals crucial for modern technologies, economies, and national security.