Australia has some of the world's largest resources of critical minerals, including lithium, cobalt, manganese, and rare earth elements. The federal government has identified over fifty metallic and non-metallic materials as “critical” in Australia. Additionally, five popular materials have been grouped in a “strategic material list”. This chapter reviews recent government policy decisions in Australia aiming to facilitate the mining and processing of critical minerals. The lithium sector is analysed in depth to highlight the challenges and investment opportunities of critical minerals in Australia, based on world-leading mining experience and strong environmental, social, and governance practices. The chapter analyses some risks associated with volatile and low international prices of some critical materials such as lithium, cobalt, and nickel, which already have had a significant impact on some mining businesses in Australia, including the largest mining company BHP. The study also provides an example of a mineral demand model aiming to estimate the amounts of critical minerals required for wind turbines and solar PV panels in several future development scenarios of Australia’s National Electricity Market up to 2050.