Labor’s net zero ideology is not only scaring investment, but also talking down the crucial resources industry, after revelations the International Energy Agency has reported serious alarm bells into the exploration of Australian critical minerals.
Senate Estimates heard the newly released International Energy Agency (IEA) 2026 ‘World Energy Investment Report’ made shocking findings about Australia in the critical minerals space.
The report singled out Australia, saying in 2025 ‘exploration spending for critical minerals also weakened, with activity falling in Australia (30 per cent)’, while increasing in South and Southeast Asia.
Leader of The Nationals Matt Canavan said the report indicates a disturbing trend amid a fuel and cost-of-living crisis.
“We are a world-leading nation when it comes to our resources and we have everything we need – we just need to actually invest,” Senator Canavan said.
“We cannot afford for Labor’s net zero ideology to turn investment away, at a time we desperately need more resources, and to back ourselves as a nation.
“That’s why a future Coalition Government will not only end net zero, we will also encourage investment into the exploration of our resources.”
Shadow Minister for Resources Senator Susan McDonald said the findings should ring alarm bells for a government that repeatedly claims critical minerals are central to Australia’s economic future.
“Labor talks endlessly about making Australia a critical minerals powerhouse, but the facts tell a very different story,” Senator McDonald said.
“While our competitors in Asia are attracting investment and accelerating development, Australia is going backwards.
“The Minister responsible is charged with accelerating the growth of Australia’s critical minerals sector to support future industries and technologies, yet the International Energy Agency is now reporting that exploration spending has fallen by 30 per cent.
“These statistics reflect the devastating forecasts for the domestic economy in the latest Budget, which shows that investment into the Australian mining industry is expected to drop to zero in 2027-28.
“That is not a success story. It is a warning sign.”
The report can be found on: World Energy Investment 2026
