Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
$532 million committed to National Battery Strategy, but no plan yet on how to reclaim supply chain
ABC NEWS (Australia)
Follow
5/23/2024
Battery production will get a $500 million boost from the Federal government as part of a newly released national battery strategy. The funding will be a tax incentive for production, but the details of the scheme remain unknown.
Category
📺
TV
Transcript
Display full video transcript
00:00
Well, the funding is designed to go to companies that are looking to turn raw minerals, critical
00:08
minerals in particular when it comes to batteries, into elements that can be used in batteries,
00:13
be they liquids or solid parts or battery components, or to make entire battery systems
00:19
themselves. So this is around $534 million over seven years that will be spent in some
00:26
kind of tax incentive around production. We don't actually have the exact details yet.
00:31
That doesn't seem to have been determined at this point, but we do know that the government
00:35
intends for it to be some kind of incentive towards production. But the idea is that it
00:41
would move Australia's industrial involvement from simply digging up critical minerals,
00:46
which we do a lot of at the moment. Australia, for example, creates or produces around 45%
00:53
of the world's supply of lithium. But to go beyond that, transform it into materials that
00:59
can be used in batteries and to make batteries themselves, because at the moment Australia
01:04
only has about a 1% share of the value of batteries globally. So this is the government
01:09
trying to transform what Australian industry is doing in this space. On one hand, it is
01:14
about having Australian industry having a place in this big global economic transition
01:20
towards green energy. It's not just domestically that we need more batteries, but globally
01:24
that's needed as well. And Australia could have a big economic opportunity there. But
01:29
it's also about making sure that China doesn't have full control of the supply chain. When
01:35
it comes to batteries, China has something like a 75% share of the market globally. And
01:41
that means not only would that be a great concern in security matters, if there were
01:47
to be a kind of global conflict, or if there were supply chain issues and we couldn't get
01:53
those parts here, but it also means that China has a really significant role in price setting
01:58
when it controls that much of the market. So it is partly about the economic opportunities
02:03
of getting into the renewable energy space, but it is also about national security and
02:08
economic security of making sure that one country doesn't have too much control of the
02:13
market of a critically important piece of infrastructure.
02:16
[BLANK_AUDIO]
Recommended
3:49
|
Up next
Showers develop in the east, lots of sunshine elsewhere
Australian Community Media
today
0:51
Man charged in connection to Melbourne synagogue arson attack
Australian Community Media
today
1:34
Bizarre attacks
The Canberra Times
yesterday
2:35
Nasa P749-M na halaga ng shabu, naharang ng BOC sa Manila International Container Port
PTVPhilippines
today
1:23
ANU protest against cuts
The Canberra Times
2 days ago
1:52
Canberra news and sport week ending July 13th, 2025.
The Canberra Times
3 days ago
1:45
Unemployment spikes and Aussie dollar takes a dive with prospect of rate cut
ABC NEWS (Australia)
today
1:34
The Gold Coast a rapidly growing hotspot for tech sector
ABC NEWS (Australia)
today
1:38
Governer-General posthumously honours leading Aboriginal rights activist in Northern Territory
ABC NEWS (Australia)
today
1:43
West Australian government to spend tens of millions amid inadequate monitoring of repeat domestic violence offenders
ABC NEWS (Australia)
today
3:48
Former Australian of the Year and child sex abuse survivor Grace Tame gives insight on AI-made exploitation material
ABC NEWS (Australia)
today
1:02
Regional New South Wales council gets government support to split
ABC NEWS (Australia)
today
1:08
One fifth of Tasmanians set for Saturday’s snap state election
ABC NEWS (Australia)
today
0:34
Former Australian of the Year Grace Tame calls for urgent government action against AI-made child abuse material
ABC NEWS (Australia)
today
1:20
Teens charged over stabbing death of man in Sunshine Coast
ABC NEWS (Australia)
today
2:50
ABC reveals WA’s trees in the ‘valley of the giants’ lost in a managed fire aimed at protecting lives and property
ABC NEWS (Australia)
today
2:29
Picture book to help children get through experiences of domestic violence and homelessness
ABC NEWS (Australia)
yesterday
2:29
Picture book to help children get through violent experiences
ABC NEWS (Australia)
yesterday
1:37
Woman waits months for essential surgery until media attention
ABC NEWS (Australia)
yesterday
1:02
Reward still on offer for information pointing to missing body
ABC NEWS (Australia)
yesterday
1:25
Scientists reveal using IVF to reduce risk of genetic diseases in babies
ABC NEWS (Australia)
yesterday
1:49
Doctors in Australia’s capital brace for record number of flu cases
ABC NEWS (Australia)
yesterday
1:32
Elective surgeries paused for 48 hours at four Queensland hospitals
ABC NEWS (Australia)
yesterday
2:23
Housing, health and Hobart stadium top issues for young voters
ABC NEWS (Australia)
yesterday
2:15
Government to fast-track national register for childcare workers
ABC NEWS (Australia)
yesterday