Beware the factory visit by Labor pollies - it could spell trouble

Anthony Albanese and his fellow ministers appear to be giving the kiss of death to any company whose factory they visit, with the latest victim being Brisbane-based battery firm Redflow.

Redflow now in administration.

Your diarist is not the superstitious type, but Anthony Albanese and his fellow ministers appear to be giving the kiss of death to any renewable energy company whose factory they visit. The latest victim is Brisbane battery maker Redflow, which last week called in administrators after a $30m funding shortfall for a new factory planned in Queensland.

Federal Industry and Science Minister Ed Husic donned the fluoro vest to tour Redflow’s factory in May last year, describing it as “part of the growing number of Australian firms that are developing their own technology”.

Husic said Redflow was “doing some really important work that’s being recognised internationally as well”.

“Way to go, Redflow - using local know-how to manufacture batteries with a knock-your-socks-off performance,” Husic enthused.

Fast-forward a little over a year and Deloitte administrators Richard Hughes and David Orr are now in control of the firm and seeking new investment partners to restructure the business that was once touted as the global flag-bearer of flow battery technology.

MP Ed Husic (right) visiting Redflow in 2023, with Redlfow CEO Tim Harris (left) and chief technology officer Steve Hickey (middle). Photo: Supplied

Redflow isn’t the only Brisbane manufacturer that collapsed after a much publicised visit by a high-profile visit by a Labor politician.

Prime Minister Anthony Albanese made repeated visits to Tritium’s Brisbane factory spruiking the job creation potential of the electric vehicle fast charging firm.

“These jobs are secure jobs. They’ll grow,” Albanese boasted. As we now know, Tritium collapsed last year owing hundreds of millions of dollars and has now been taken over by an Indian technology company. And the Labor jinx is not confined to federal pollies.

PM Anthony Albanese at the Tritium factory in Brisbane with CEO Jane Hunter. Picture: NCA NewsWire / Dan Peled

Way back in 2016, then State Environment Minister Steven Miles visited Redback Technologies. Brisbane-based Redback Technologies, which had received millions of dollars in taxpayer funding, called in administrators earlier this year after racking up big losses. Redback, which had developed Chinese-manufactured smart battery packs that it claimed helped people save thousands of dollars on their power bills, has since been taken over by Chinese ­investors. Spooky!

Guilty verdict

Former Queensland financial adviser Ben Jayaweera, a director of the failed Growth Plus Financial Group, has been found guilty in the Brisbane District Court of 28 counts of fraud following a retrial.

The court heard the offences took place between August 2013 and November 2015, resulting in a total detriment of $5,958,870 to 12 of Jayaweera’s former clients.

A jury delivered the guilty verdict on all 28 counts on the indictment, following the three-week retrial. The matter was prosecuted by the Commonwealth Office of the Director of Public Prosecutions following an investigation and referral by ASIC. Jayaweera has been remanded in custody ahead of sentencing on Monday 26 August 2024.

Guilty verdict for financial adviser.

Following an initial three-week trial in September and October 2019, Jayaweera was found guilty of six charges of fraud. The six counts on the indictment related to 28 transactions where 12 clients collectively lost approximately $5.9m. In October 2019, Jayaweera was sentenced to 12 years imprisonment, with a minimum period of six years to be served before becoming eligible for parole. In November 2019, Jayaweera appealed the conviction and sentence in the Queensland Court of Appeal. In June 2022, the Queensland Court of Appeal allowed the appeal and ordered a retrial.

Originally published as Beware the factory visit by Labor pollies - it could spell trouble