Key global insights

Australia and the European Union have signed a memorandum of understanding (“MOU”) to improve collaboration on critical minerals projects. The MOU will be followed by the joint development of “concrete actions” over the next six months and builds on the EU’s Critical Raw Materials Act, which aims to diversify critical mineral supply chains. Queensland stands to benefit greatly from this partnership given its access to critical minerals. The thriving mining and resources sector allows utilisation of existing large know resources (e.g. Vanadium) and opportunities to extract other minerals as processing biproducts.

Agriculture Victoria has confirmed that two different strains of avian influenza (bird flu) have been detected at two Victorian egg farms - the first cases detected in Australia since 2020. Countries have already begun restricting Australian poultry exports. While there are no confirmed cases in Queensland, some Queensland shipments have already been impacted. Last financial year, Queensland exported $42.4m in poultry related products.

International company Quinbrook Infrastructure Partners has revealed plans for a green iron facility in Gladstone. Green iron is made with renewable energy sources that don't release carbon dioxide, instead releasing water. Industrial decarbonisation lead within CSIRO's Towards Net Zero mission, Warren Flentje, said this project would be world-leading and one of the first of its kind in Queensland. The final product can then be exported as pellets to steel mills across the globe.

Australian wine producers have welcomed surging demand for premium wine in India following a cut in import tariffs. Australian wines now represent 46.5% of India’s imported wines. Federal Trade Minister Don Farrell says the India-Australia Interim Trade Agreement has facilitated ongoing negotiations with the aim to eliminate tariffs on Australian wines entirely. Changing Indian consumer choices and further tariff reductions could provide opportunities for Queensland beverage exporters.

A University of Michigan study has found that copper required for renewable energy infrastructure is beyond the rate at which it can be mined. Industry-funded research by S&P Global similarly found that annual copper demand is likely to reach 50 million metric tonnes by 2035. The surge in demand and constraints on new supply has already seen copper prices reach record highs. Australia has the second largest known copper reserves behind Chile, with Queensland well placed to supply the copper needed to deliver a net-zero global economy and is the state with the most mines.

Graphic of Russia flag

Russia has launched a satellite reportedly capable of attacking other satellites in orbit. The militarisation of space represents both a risk and opportunity for Queensland’s space industry, which is expected to add $3.5 - $6 billion to the state economy by 2036. Many of Australia’s leading space companies, including Black Sky Aerospace, Gilmour Space Technologies, and Hypersonix Launch Systems are based in Queensland.

The national energy market operated has warned that NSW, Victoria and South Australia are at heightened risk of blackouts this summer, in part due to delays to a major clean energy project. Australian Energy Producers CEO Samantha McCulloch says the warning highlights the role gas will play in providing renewable backup (and) supporting that shift away from coal. This presents opportunities for Queensland’s LNG industry as well as companies in the bio-gas space.

Featured insights

Battery Strategy

  • The Federal Government has released the nation’s first National Battery Strategy, built around four strategy pillars:
  • Stationary storage - building Energy Storage Systems to firm renewable power generation in the national grid.
  • Provide battery active materials to the world by upgrading raw minerals into processed battery components.
  • Leveraging world-leading know-how to build safer and more secure batteries connected to the grid.
  • Building batteries for our transport manufacturing industry, including heavy vehicle manufacturing.
  • The strategy is funded with $523.2 million for the Battery Breakthrough Initiative, administered by ARENA.

In case you missed it...

  • British defence minister Grant Shapps accused China of providing or preparing to provide Russia with lethal aid for use in its war against Ukraine.
  • Russian President Vladimir Putin and Chinese President Xi Jinping have agreed to deepen their "strategic partnership".
  • Denouncing newly inaugurated President Lai Ching-te, China launched drills around Taiwan, sending up heavily armed warplanes and staging mock attacks.
  • Leaders from China, Japan and South Korea met for the first three-way talks in four years, agreeing to revive trade and security dialogues.
  • Biden has announced new tariffs on Chinese goods, including quadrupling tariffs to 100% on electric vehicles and doubling semiconductor tariffs to 50%.
  • Ukraine's war effort has been hindered by limited weapons and ammunition with international funding proving slow to unlock. The G7 finance ministers are preparing to endorse a European Union plan to utilise income from frozen Russian assets to aid Ukraine's war effort.
  • As a result of the European Chips Act, private investment into the European semiconductor industry is expected to exceed €100 billion by 2030.