Unionists down tools as Jim makes refinery appearance

Workers downed tools when Federal Treasurer Jim Chalmers made a rockstar appearance at the Ampol Refinery at Lytton earlier this week.

Treasurer Jim Chalmers at the Ampol Oil Refinery in Lytton on Tuesday.

Who says Treasurer Jim Chalmers is not down with the workers? Chalmers visited the Ampol Refinery at Lytton earlier this week where he was greeted enthusiastically by workers wearing Australian Workers’ Union shirts. After his rockstar arrival, Chalmers was about to give a press conference on plans to make aviation biofuel at the refinery when someone noticed nearby construction work would drown out the microphones.

No problem: an AWU man was quickly dispatched to tell the workers, no doubt members of the union, to down tools while Chalmers (illustrated) spoke to the media. As soon as the great man finished talking, the workers started up again.

One wonders what would happen if the CFMEU was in charge of the site - probably a doubling down on the pile drivers and jackhammers- given the frosty relation between the radical union and the federal government.

: Ampol Oil Refinery at Lytton in Brisbane. Picture: NewsWire / Lachie Millard

Noise notwithstanding, the construction work at the refinery is welcome news. City Beat readers will recall the facility was on the bones of its arse a few years ago and looking down the barrel of closing. One of only two oil refineries left in Australia - the other being Viva in Geelong - Ampol should be congratulated for throwing a large chunk of change at upgrading the facility, which opened way back in the 1950s. We may be spending billions on new missiles and submarines but if we don’t have petrol we are going to be sitting ducks in a strategic sense. Ampol’s investment confidence has been helped by a federal government decision a few years ago to put a floor price under petroleum prices. Ampol is upgrading Lytton refinery, which employs about 1000 workers, to produce gasoline compliant with new specifications for both regular and premium gasoline grades.

Allianz moves

German insurance giant Allianz is reportedly looking at acquiring RACQ’s insurance business, with City Beat hearing Bank of America has been tasked with helping seal the deal that could be as much as $500m. Our spies tell that IAG, which had earlier been interested in the business, pulled out “when they looked under the hood.”

The Brisbane-based motoring group confirmed last year it would exit the troubled compulsory third party insurance (CTP) scheme after racking up millions of dollars in losses on the business. RACQ chief executive David Carter argued that while the club had built a strong reputation for claims management, it was no longer viable to continue participating in the scheme. Watch this space.

RACQ branch in central Brisbane.

Sound and Securely

Sunshine Coast-based fintech firm Securely Group announced its first-ever outside capital raise of $2 million at this week’s prestigious Venture & Capital Conference in Sydney.

Securely says the proceeds from the capital raise will be instrumental in launching three apps later this year to provide enhanced security and seamless financial transactions for users.

Securely Group, valued at a pre-money valuation of $21 million, is currently in discussions with leading global payment service providers, including Mastercard and Visa. According to Securely Group president Rob Neely the capital raise marks a pivotal moment for the home-grown firm. In addition to its capital raise, Securely Group has been invited by Austrade to join a delegation of leading Australian fintech companies to India in late August.

Securely founder Rob Neely.

Originally published as Unionists down tools as Jim makes refinery appearance