Australia’s critical minerals boom will only partially offset a reduction from less fossil fuels exports, the Reserve Bank of Australia has warned as Labor continues its renewables-led net-zero transition.

Prime Minister Anthony Albanese struck a $13b deal with United States President Donald Trump this week to invest heavily in the commodities after China threatened to block US access to rare earths.

Critical minerals are broadly defined as minerals that are important for the functioning of modern technologies.

Those that are used in the renewables transition are of major importance as global demand is projected to grow strongly.

Lithium, graphite, nickel, cobalt, copper and rare earths are used in electric vehicle batteries and energy storage systems while many critical minerals are u

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