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Albanese, Minns Unveil $2.5 B Tomago Smelter Bailout

8/12/2026

Summary

Story summary

Prime Minister Anthony Albanese and NSW Premier Chris Minns will announce a bailout of the Tomago aluminium smelter Thursday.
The bailout is reported to total up to $2.5 billion over 10 years, with costs split 50-50 between federal and state.
It pairs a Snowy Hydro power-purchase deal delivering about 2.5 GW and requires owners to invest up to $1 billion in upgrades.
Nationals leader Matt Canavan warned bailouts are unsustainable and urged scrapping net-zero-by-2050 policies.

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Story summary

Prime Minister Anthony Albanese and NSW Premier Chris Minns will announce a bailout of the Tomago aluminium smelter Thursday.
The bailout is reported to total up to $2.5 billion over 10 years, with costs split 50-50 between federal and state.
It pairs a Snowy Hydro power-purchase deal delivering about 2.5 GW and requires owners to invest up to $1 billion in upgrades.
Nationals leader Matt Canavan warned bailouts are unsustainable and urged scrapping net-zero-by-2050 policies.