Prime Minister Anthony Albanese is no doubt relieved that the long struggle to secure a deal with the NSW government to rescue the unprofitable Tomago Aluminium Smelter has come to an end.Under a 10-year agreement announced on Thursday, federal and NSW taxpayers will pump $2.5 billion into keeping the plant afloat from 2029 while the smelter owners, led by the highly profitable Rio Tinto – which has a 51.55 per cent stake in the smelter – will spend $1.1 billion upgrading it.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Tomago bailout is short on the business case
It is easy to promise regional jobs when you’re unlikely to be in government in 10 years’ time to take the blame if the rescue package fails.
103 words~1 min read
