Prime Minister Anthony Albanese has called on Australia’s resources sector to help steer the nation through mounting global instability, warning that the world economy is entering a more volatile and uncertain era.
Speaking at the Australian Minerals Industry Dinner at Parliament House in Canberra on Monday, Albanese said the conflict in Iran had triggered a “global economic storm” that Australia must carefully navigate while strengthening its long-term resilience.
He identified two key challenges: managing the immediate fallout from the crisis and ensuring Australia emerges “stronger, more resilient, more secure and more self-reliant”. He told industry leaders:
“The Australian resources industry is critical to our nation achieving both of these goals.”
The Prime Minister outlined a series of urgent measures taken by the federal government to bolster fuel security, including releasing up to 20 per cent of Australia’s minimum fuel stockholdings, supporting domestic refineries, and temporarily easing fuel standards to maximise local supply.
He also confirmed the establishment of a national Fuel Supply Taskforce to coordinate distribution across states and territories, as concerns grow over disruptions to global oil and gas markets.
Albanese said the scale of the crisis had been reinforced in talks earlier in the day with Fatih Birol, warning that ongoing threats to shipping routes and energy infrastructure in the Middle East would have lasting economic consequences—even if the conflict ended soon. “This is not just about trade barriers or sanctions,” he said.
“It goes deeper—into the physical disruption of global energy systems.”
Against this backdrop, Albanese stressed that Australia’s mining sector would play a central role not only in weathering the crisis but in shaping the future global economy, particularly as demand surges for critical minerals such as copper, rare earths and iron ore.
He said the era of predictable, ever-expanding free trade was over, but argued that Australia’s strengths—including its resource base, skilled workforce and reputation as a stable democracy—position it strongly in a more fragmented world.
“In a more volatile world, these strengths are worth more.”
The Prime Minister pointed to growing international demand for Australia’s critical minerals, highlighting recent agreements with major partners including the United States, Canada and the European Union.
He said upcoming talks with European Commission President Ursula von der Leyen would place critical minerals “at the centre” of discussions.
Albanese framed the government’s “Future Made in Australia” agenda as key to capitalising on these opportunities, focusing on expanding domestic manufacturing, investing in clean energy and strengthening supply chains.
He also emphasised that the benefits of the resources boom must be shared, with investment in jobs, wages, infrastructure and regional communities.
“In uncertain times, Australians expect all of us to put the national interest first.”
The Prime Minister acknowledged past policy differences with the mining sector but struck a conciliatory tone, saying collaboration between government and industry would be essential in navigating the challenges ahead.
“Together, we can shape the future—not wait for the future to shape us.”
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