Australian news and politics recap June 18: Chalmers ‘proud’ but not ‘satisfied’ as Labor maps next steps

Prime Minister Anthony Albanese has told the G7 summit that Australia is “blessed” with large critical mineral deposits, and welcomed the opportunity to “level the playing field” in the market.

“Critical minerals are the new drivers of energy security,” he said.

“Australia is blessed to have some of the largest critical minerals deposits on earth. But we are increasingly finding that critical minerals markets are concentrated and vulnerable to manipulation.

“Producers struggle to remain competitive, and supply chains are affected by export bans and controls.”

“Whether that is to meet the challenge of climate change and drive the energy transition or to power new technologies that can transform our economy into the future – it is essential to our national interest,” he said.

“Extracting and refining our natural assets to safeguard the resilience of our economy and support the economic security of our partners.”

Deputy Prime Minister Richard Marles said the Government is “concerned” about the escalation in the Middle East as US President Donald Trump sends more US support to the region.

“We are concerned about the prospects of this escalating,” Mr Marles told Sunrise.

“We’ve been saying that now for the last few days. And, obviously, in that sense, we are calling for diplomacy entirely.

“We want to see de-escalation happen here.

“We very much understand Israel’s right to defend itself. We understand the threat that Iran’s nuclear ballistic missile program represents to the peace and stability of the Middle East.”