00:00 An almost quarter billion dollar super bailout to keep the lights on.
00:06 Thanks very much for coming to Collie today, it's great to be here.
00:10 Despite previous bailouts, the core problem remains for Griffin Coal.
00:14 It's locked in a contract with Blue Waters Power Station where it does not receive enough
00:19 for its coal to cover costs and has been placed in receivership.
00:23 The threat of sudden mine closure remains and I will not let that happen.
00:30 Two hundred and twenty million dollars will be doled out to subsidise the cost of its
00:34 coal until June 2026.
00:36 It will provide certainty to the workforce and for the other industries that rely on
00:41 the coal mine and will ensure our electricity grid remains reliable and affordable.
00:48 The government insists there is a huge range of opportunities on the horizon in Collie
00:52 that will provide jobs after 2026, but unions aren't convinced.
00:57 If it does finish in 2026 when they withdraw the funding then our concern is what happens
01:01 to those workers because there's no replacement jobs just yet for those workers to pick up.
01:06 This provides no certainty, it simply kicks the can down the road a bit further.
01:11 They are going to spend a quarter of a billion dollars propping up a foreign owned insolvent
01:15 company and in three years time we will be in exactly the same position that we are today.
01:21 The Premier says there will be a greater energy mix and more options in the electricity network
01:25 by then.
01:26 This is the only way that we can actually resolve it for now.
01:30 A brutal solution, a time limited solution and one which will see us get through this
01:35 particular problem until June 26.
01:38 Unions are calling for a retention package to encourage workers not to leave before then.
01:43 [BLANK_AUDIO]
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