Restarting the Australian economy will require better energy policy, a cautious approach to retirement of coal-fired power stations and minimisation of further job losses, say the owners of the taxpayer-supported Portland aluminium smelter.

The suggestion that governments should avoid further job losses comes as Alumina Limited and its partner Alcoa continue talks with state and federal governments and energy companies over a lifeline for the loss-making Portland smelter in Victoria's south-west.