Can Australia Keep Spending Billions in Taxpayer Funds to Bailout its Manufacturers?
In recent months, the Australian government has spent billions trying to save domestic manufacturers and producers from a flood of cheap overseas goods.
TL;DR
- Tomago Aluminium, Australia's largest smelter, received a $2.5 billion (US$1.8 billion) taxpayer-backed lifeline.
- The federal and NSW governments will support a new 10-year power arrangement after the current contract expires on Dec. 31, 2028.
- This initiative aims to secure Australia's end-to-end domestic aluminium supply chain.
- The agreement is expected to preserve about 1,000 direct and an estimated 5,000 indirect jobs.
- Rio Tinto, the majority owner, welcomed the deal, which aims for renewable energy sourcing from 2033.