What Australia's 2026 critical minerals update means for rare earths and lithium

Australia has given greater priority to national security and economic resilience in an update to its critical minerals strategy, a shift from a 2023 edition that placed heavier emphasis on climate goals. It also highlights the importance of international partnerships and targets government efforts where they can have the greatest comparative advantage by expanding domestic processing and refining. The 2026 update to the Critical Minerals Strategy 2023–2030 keeps the 2030 vision and six focus areas, but critical minerals, it says, "are no longer a resources issue". It announces no new money, restating existing commitments including the AUD 17.5 billion (USD 12.3 billion) Production Tax Incentive and a AUD 5 billion (USD 3.5 billion) Critical Minerals Facility. The update was discussed by Australian mining minister Madeline King at the International Mining and Resources Conference (IMARC) in Sydney on 27–29 October, where Benchmark lithium product director Cam Perks was in attendance.