Loading According to the Austrade report, Australian mineral reserves cover 90 per cent of the elements required in lithium-ion battery chemistry, but earns just 0.53 per cent of the ultimate value of its exported ore. “With growing global demand for lithium-ion batteries, this report recognises that Australia has a once-in-a-generation opportunity to transform into a major processing, manufacturing and trading hub for lithium-ion batteries,” Mr Birmingham said. Resources Minister Matthew Canavan said it was time Australia took advantage of the booming lithium industry. “Lithium prices have tripled since 2010 and global battery consumption is predicted to increase five-fold in the next 10 years, driven by a global shift to electric vehicles in some markets and off-grid storage to support renewable energy development,” Mr Canavan said. “With the right policies we can advance our industry further up the value chain to become the world’s leading supplier of high grade lithium components including ion-batteries – creating new jobs and opportunities for Australians.” Federal Labor has also promised that a Shorten Labor government, if elected, would “supercharge” Australia’s battery metal manufacturing industry to support manufacturing jobs and a clean energy future. In October, Labor said there was no reason why Australian manufacturing workers could not refine more battery metals and manufacture batteries locally. “We can be a country that makes more things,” it said. Labor would partner with Western Australia, Queensland and the Northern Territory to support the growth of their developing battery-manufacturing capabilities. Labor would also prioritise research funding for battery metal processing and battery manufacturing. The Austrade report, released on Tuesday, said most of Australia’s spodumene is exported to China for processing, before then being sent to Japan and Korea to be transformed into battery packs. These finished products were ultimately imported into Australia and other countries for a range of commercial energy-storage applications and consumer goods, the report said. “This report demonstrates the critical components in advanced battery production — precursor, anode, cathode, electrolyte — can be manufactured in Australia,” it said. “Australia could host the entire production chain with investment from one of the world’s patented battery cell manufacturers.” Business reporter for The Age and Sydney Morning Herald.
Australia 's federal government has launched a strategy seeking investment to increase Australia ’s potential in lithium - ion battery manufacturing , noting that the nation ’s energy reserves cover 90 % of the energy required in Li - ion battery chemistry . Austrade ’s Lithium - ion battery Value portfolio : New Economy Opportunities for Australia strategy sets out how the world 's biggest supplier of lithium with 44 % global market share can increase the value of the ore it produces .