SENATOR THE HON TIM AYRES

MINISTER FOR INDUSTRY AND INNOVATION

MINISTER FOR SCIENCE

HON DALE LAST MP

MINISTER FOR NATURAL RESOURCES AND MINES

MINISTER FOR MANUFACTURING

MINISTER FOR REGIONAL AND RURAL DEVELOPMENT

JOINT MEDIA RELEASE

$2 BILLION INVESTMENT TO SECURE QUEENSLAND’S INDUSTRIAL FUTURE

The Albanese Government and Crisafulli Government, together with Rio Tinto, will invest a landmark $2 billion investment to transform Queensland’s energy grid and secure the future of aluminium smelting in Central Queensland. 

This will unlock almost $7.5 billion in new investment in Queensland, with Rio Tinto underwriting significant investment in energy and transmission assets. 

This is a major milestone for Future Made in Australia – using public capital to catalyse significant large-scale private investment and strengthening Australia’s sovereign industrial capability.  

Under the agreement: 

• The Commonwealth and Queensland Governments will each invest $1 billion over ten years to support Australia’s second largest aluminium smelter to stay open and protect jobs in Gladstone and Weipa.  
• Rio Tinto will underwrite close to $7.5 billion of investment in new energy generation and transmission in Central Queensland, to secure the long-term future of the Boyne aluminium smelter. 

In a more contested world, it’s vital Australia maintains and strengthens onshore smelting capability. The challenges we face right now are a prime example of how important strengthening national resilience is for Australia’s future.  

Aluminium is critical to Australia’s economy, with the Boyne aluminium smelter supporting 1,000 jobs at the site and a further 2,000 indirect jobs in Gladstone. 

Australia is unique in that it has the entire aluminium supply chain, from bauxite mining to finished products onshore.  

Aluminium is used in everything from transport to construction, packaging, electronics, energy infrastructure and more.  

Together, this is one of the most significant decarbonisation and industrial investment commitments in Australia history – with the Commonwealth, State and industry working together in the national interest. 

Quotes Attributed to Tim Ayres, Minister for Industry, Innovation and Minister for Science:  

“Today’s announcement is exactly what Future Made in Australia is all about –governments stepping up to partner with industry and unlock the enormous industrial potential of our regions.  

“With a considerable public investment, we are catalysing a fourfold private investment that will build out the renewable energy grid and keep thousands of good regional jobs in Central Queensland. 

“This is a joint, 50:50 investment with the Queensland Government – a fantastic partner who is squarely on the side of blue-collar workers and industry. 

“This is a good day for Queensland jobs, a good day for Australian industry, and a step toward an economy where no one is held back and no one is left behind.” 

Quotes attributed to Dale Last, Minister for Natural Resources and Mines, Minister for Manufacturing and Minister for Regional and Rural Development:  

“Our partnership with the Australian Government and Rio Tinto will secure the long-term future of the Boyne Smelter and the thousands of jobs it supports across Queensland,” Minister Last said.  

“At a time when supply chain disruptions are being felt across the globe, this investment is needed now more than ever to safeguard Queensland’s sovereign manufacturing capabilities, and to build national resilience and international competitiveness. 

“Only in Queensland can we mine, refine and smelt to produce one of the world’s most versatile and ubiquitous metals, being aluminium, and we must protect that capability. 

“The Crisafulli Government’s Energy Roadmap is delivering a plan for Queensland’s energy future – this announcement backs in the thousands of Queensland workers that rely on smelter and gives industry the certainty it needs to invest in the region.