Whyalla deal shows the rising price of a future made in Australia
Australia is offering subsidies not just to keep old industries alive but for the future-facing minerals processing that would supply batteries and electric vehicles.
The rising price tag for Labor’s Future Made in Australia raises difficult questions over whether the nation’s existing industrial base can be sustained, let alone expanded into hydrogen-fuelled green dreams.
The $2.4 billion state and federal government bailout to avoid a Whyalla steel-making wipeout is supposedly a one-off, assuming that whoever ends up running the promised new electric arc furnace can turn a profit out of it.
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Michael Stutchbury is editor-at-large. He is in his fourth decade of writing for and editing national newspapers. After nearly six years as editor of The Australian, he returned to the Financial Review as editor-in-chief (2011-2024). Email Michael at mstutchbury@afr.com
