The ANAO could assess the establishment of the Critical Minerals Strategic Reserve. Critical minerals (cobalt, lithium, manganese, rare earth elements, tungsten and vanadium) are essential inputs to the modern economy. Critical minerals are used in batteries, rare earth permanent magnets, semiconductors, defence technologies and as catalysts for hydrogen production. The Critical Minerals Strategy 2023–2030 seeks to create diverse, resilient and sustainable supply chains; build sovereign capability in critical minerals processing; help Australia become a renewable energy superpower; and extract more value from onshore resources. In April 2025, the Australian Government committed to establish a Critical Minerals Strategic Reserve to maximise the strategic value of Australia’s critical minerals. The government allocated $1.2 billion to establish the reserve in the 2025–26 Federal Budget. A taskforce established in the Department of the Prime Minister and Cabinet to support the development of the reserve transferred to the Department of Industry, Science and Resources in December 2025. It is anticipated that the reserve will be operational in the second half of 2026.