Australia Plans to Scrutinize Raw Material Investments More Strictly

by | 2. May 2024 - 09:42 | Politics

National interests must be prioritized in critical sectors, according to the minister responsible.

Foreign investors in Australia must prepare for new rules. This also applies to the raw materials sector, as outlined in an announcement by Finance Minister Jim Chalmers. According to the politician, investments must serve the national interest. The government will provide more resources for reviewing foreign investments in critical infrastructure, critical minerals, critical technologies, and other sensitive areas.

Last year, Chalmers had already banned investments in the mining sector twice. In a speech at the Lowy Institute, a think tank in Sydney, the minister sought to clarify that the new rules were not aimed at any specific country.

In April this year, Prime Minister Anthony Albanese introduced the Future Made in Australia Act, a response to the U.S. Inflation Reduction Act, which also aims to promote key industries such as critical minerals and clean energy.

Photo: iStock/mariusz_prusaczyk

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