Australia's Prime Minister, Anthony Albanese has pledged to go "dollar for dollar" with the State Government as he unveils a $2.4 billion rescue package for the Whyalla steelworks.
This follows yesterdays announcement that the South Australian government had passed legislation to force the plant into administration with plans for both the federal and state governments to invest $2.4 billion as a lifeline.
The steelworks, owned by GFG Alliance has failed to pay tens of millions of dollars in royalty payments to the state government, as well as unpaid bills to creditors.
Premier Peter Malinauskas said his government had spent months “carefully planning a strategy to address the challenges unfolding” and that the decision to act now and push the plant to administration was a "necessary one to secure the long-term future of Whyalla.”
Now today, the PM visited the plant and speaking to workers promised to match the state government “dollar for dollar” during this new administration period.
"Between our two governments, we have $2.4 billion to make sure that this transition occurs," Albanese said.
“We don't regard it as a cost, because when you invest in the nation, you get a return, a return in jobs, a return in economic growth, a return in prosperity, and a return in Australia standing on our own feet right here in Australia…So just to shout out to all the people here, I know that it's been a difficult time for you."
