Treasurer Stephen Mullighan spends big on Whyalla steel in 2025-26 South Australian budget
The troubled Whyalla steelworks, law and order and a bold bid to bring the mammoth COP31 climate conference to Adelaide are the big winners from South Australia's pre-election budget.
Treasurer Stephen Mullighan has promised $650m over six years for the steel plant as part of a $2.4bn 'sovereign steel package' backed by the federal government.
In his speech to the state parliament on Thursday afternoon, Mr Mullighan outlined where the money would go and said the allocation would preserve the state's industrial capacity.
'Our unprecedented intervention to place the Whyalla steelworks into administration has protected thousands of jobs, hundreds of businesses and ensured Australia remains a country that manufactures critical steel products,' he said.
'Under this government, South Australians will not be taken for fools by fast-talking businessmen that continually break their promises to our state … the ($650m) funding is for administration costs, investment in the plant to support the sale and for a comprehensive rescue package that safeguards the Whyalla community.'
The state government took control of Whyalla from British steel magnate Sanjeev Gupta in February and administrators KordaMentha are working to secure a buyer for the integrated plant.
Before the shock takeover, the steelworks suffered losses for months and the government grew increasingly sceptical Mr Gupta's GFG Alliance would meet its debt obligations.
The steelworks is a core economic engine for Whyalla, a town of 22,000 people, and the state more broadly.
It is Australia's only fully integrated steelmaking enterprise, producing slabs, billets, hot rolled structural steel and rail products.
Thursday's budget comes about nine months before the Labor government, led by Premier Peter Malinauskas, will return to the polls in March next year.
In a pre-election pitch, Mr Mullighan said the budget preserved the state's industrial capacity, supported farmers battling through punishing drought conditions and demonstrated the government's 'sound financial management'.
'We are the lowest taxing state on the mainland,' Mr Mullighan said.
'And we have kept our promise not to introduce new taxes or increase existing ones.
'We've done all this while returning the budget to surplus and improving the state's credit rating outlook.'
The budget delivers a surplus of $179m for 2025-26 and forecasts a $369m surplus for 2026-27 and $458m for 2027-28.
Those figures are predicated on gross state product growth rates of 1.75 per cent for 2025-26, and then 2 per cent for both 2026-7 and 2027-28.
Net debt is expected to expand from $35.5bn in 2025-26 to $48.5bn in 2028-29.
Law and order is also a big winner, with the budget delivering $172m over six years to accommodate additional sworn officers.
The state aspires to have a total sworn force of 5000 officers by 2030-31.
'While crime rates have fallen over the course of this government, we continue to toughen laws, expand our prisons and equip our police and criminal justice system with the resources needed to combat crime,' he said.
'This budget provides the largest boost to police funding in the state's history.'
A bid to lure the COP31 climate conference to Adelaide is also a standout allocation, receiving $8.3m.
A $118m cost-of-living package includes a stark boost for students.
The price of student metro card 28-day passes, which are used across Adelaide's bus, rail and tram network, will tumble from $28.60 to just $10.
The change means a student catching public transportation will pay the equivalent of 25 cents a trip.
The Liberal Party, led by Opposition Leader Vincent Tarzia, said the budget demonstrated Labor was 'out of money and out of ideas'.
Mr Tarzia said the state was now confronting a 'debt iceberg', citing the $48.5bn figure as the largest in the state's history.
'The debt iceberg will sink the dreams of future South Australians' he said.
'What's abundantly clear is that Labor is completely out of touch with the needs of South Australians and instead, is frivolously whittling away taxpayer dollars on vanity projects that don't deliver any relief from sky-high energy prices, water bills and the housing crisis.
'A budget like this leaves South Australia vulnerable to economic shocks, which could come from any direction in the current economic climate. '
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Advertiser
4 hours ago
- The Advertiser
Workers' retirement nest eggs set for super boost
Australian workers can look forward to a bigger nest egg, with an increase to the superannuation guarantee to add tens of thousands of dollars to the average super account. From July 1, employers' minimum required contribution to employees' superannuation accounts will rise from 11.5 per cent to 12 per cent. It's the latest and last in a series of incremental increases from nine per cent over more than a decade since they were legislated by the Rudd-Gillard Labor government in 2012. With the latest bump, a 30-year-old earning $60,000 would have an extra $20,000 in super by retirement, according to the Association of Superannuation Funds Australia. It will add about $300 each year to the superannuation of a worker on a $60,000 salary, or $500 for someone on a $100,000 salary. "The system foundations are cemented for young, working people to have a comfortable retirement," ASFA chief executive Mary Delahunty said. "It's a moment all Australians should be proud of." The association says the cost of a comfortable retirement increased 1.6 per cent in the past year, while the cost of a modest retirement rose 1.7 per cent. A "comfortable" retirement includes top-level health insurance, a reasonable car and leisure activities. The cost of either outcome was increasing slower than Australia's current 2.4 per cent headline inflation but retiree budgets remained under pressure from rising food, energy and health costs. Couples on average need $73,900 annually for a comfortable retirement, while most singles needed $52,300 per year, ASFA says. For a modest retirement covering the basics, couples needed $48,200 each year, singles $33,400, or for renting couples, $64,250, and $46,660 each year for singles who rent. The figures underlined the importance of increasing Australia's housing stock, Ms Delahunty said. "They also illustrate how super can be the difference between hardship and stability later in life, especially for renters." For some workers, the extra contribution will come from their existing pay package, according to CPA Australia's superannuation lead Richard Webb. "It's a good idea to check with your employer to see how they view the changes and what it means for you," he said. Workers on contracts with a total remuneration package could see a slight drop in their take-home pay, while those on award or enterprise agreements would likely receive the contribution on-top of their current pay. When compulsory superannuation was introduced in 1992 - in part to reduce government spending on the Age Pension - only one in 10 Australian retirees listed super as a source of income. Nine in 10 people between 30 and 50 now have super. Government spending on the Age Pension is projected to fall from 2.3 per cent of gross domestic product in 2020 to two per cent by 2062/63, despite a doubling of the over-65 population and a trebling of over-85s over the same period. However the super guarantee increase wouldn't help those who missed out on paid work for extended periods, Super Consumer Australia chief executive Xavier O'Halloran said. "(For) people who have caring responsibilities or who have been locked out of the unaffordable housing market ... increasing SG further won't address those inequalities," he told AAP. Mr O'Halloran said there was more that could be done to support people struggling in retirement, when a significant portion of their autumnal years' savings were made. "Right now, there are no minimum standards for retirement products like there are for MySuper," he said. "There is also no performance testing of retirement products, so super funds can still sell poor products." Australian workers can look forward to a bigger nest egg, with an increase to the superannuation guarantee to add tens of thousands of dollars to the average super account. From July 1, employers' minimum required contribution to employees' superannuation accounts will rise from 11.5 per cent to 12 per cent. It's the latest and last in a series of incremental increases from nine per cent over more than a decade since they were legislated by the Rudd-Gillard Labor government in 2012. With the latest bump, a 30-year-old earning $60,000 would have an extra $20,000 in super by retirement, according to the Association of Superannuation Funds Australia. It will add about $300 each year to the superannuation of a worker on a $60,000 salary, or $500 for someone on a $100,000 salary. "The system foundations are cemented for young, working people to have a comfortable retirement," ASFA chief executive Mary Delahunty said. "It's a moment all Australians should be proud of." The association says the cost of a comfortable retirement increased 1.6 per cent in the past year, while the cost of a modest retirement rose 1.7 per cent. A "comfortable" retirement includes top-level health insurance, a reasonable car and leisure activities. The cost of either outcome was increasing slower than Australia's current 2.4 per cent headline inflation but retiree budgets remained under pressure from rising food, energy and health costs. Couples on average need $73,900 annually for a comfortable retirement, while most singles needed $52,300 per year, ASFA says. For a modest retirement covering the basics, couples needed $48,200 each year, singles $33,400, or for renting couples, $64,250, and $46,660 each year for singles who rent. The figures underlined the importance of increasing Australia's housing stock, Ms Delahunty said. "They also illustrate how super can be the difference between hardship and stability later in life, especially for renters." For some workers, the extra contribution will come from their existing pay package, according to CPA Australia's superannuation lead Richard Webb. "It's a good idea to check with your employer to see how they view the changes and what it means for you," he said. Workers on contracts with a total remuneration package could see a slight drop in their take-home pay, while those on award or enterprise agreements would likely receive the contribution on-top of their current pay. When compulsory superannuation was introduced in 1992 - in part to reduce government spending on the Age Pension - only one in 10 Australian retirees listed super as a source of income. Nine in 10 people between 30 and 50 now have super. Government spending on the Age Pension is projected to fall from 2.3 per cent of gross domestic product in 2020 to two per cent by 2062/63, despite a doubling of the over-65 population and a trebling of over-85s over the same period. However the super guarantee increase wouldn't help those who missed out on paid work for extended periods, Super Consumer Australia chief executive Xavier O'Halloran said. "(For) people who have caring responsibilities or who have been locked out of the unaffordable housing market ... increasing SG further won't address those inequalities," he told AAP. Mr O'Halloran said there was more that could be done to support people struggling in retirement, when a significant portion of their autumnal years' savings were made. "Right now, there are no minimum standards for retirement products like there are for MySuper," he said. "There is also no performance testing of retirement products, so super funds can still sell poor products." Australian workers can look forward to a bigger nest egg, with an increase to the superannuation guarantee to add tens of thousands of dollars to the average super account. From July 1, employers' minimum required contribution to employees' superannuation accounts will rise from 11.5 per cent to 12 per cent. It's the latest and last in a series of incremental increases from nine per cent over more than a decade since they were legislated by the Rudd-Gillard Labor government in 2012. With the latest bump, a 30-year-old earning $60,000 would have an extra $20,000 in super by retirement, according to the Association of Superannuation Funds Australia. It will add about $300 each year to the superannuation of a worker on a $60,000 salary, or $500 for someone on a $100,000 salary. "The system foundations are cemented for young, working people to have a comfortable retirement," ASFA chief executive Mary Delahunty said. "It's a moment all Australians should be proud of." The association says the cost of a comfortable retirement increased 1.6 per cent in the past year, while the cost of a modest retirement rose 1.7 per cent. A "comfortable" retirement includes top-level health insurance, a reasonable car and leisure activities. The cost of either outcome was increasing slower than Australia's current 2.4 per cent headline inflation but retiree budgets remained under pressure from rising food, energy and health costs. Couples on average need $73,900 annually for a comfortable retirement, while most singles needed $52,300 per year, ASFA says. For a modest retirement covering the basics, couples needed $48,200 each year, singles $33,400, or for renting couples, $64,250, and $46,660 each year for singles who rent. The figures underlined the importance of increasing Australia's housing stock, Ms Delahunty said. "They also illustrate how super can be the difference between hardship and stability later in life, especially for renters." For some workers, the extra contribution will come from their existing pay package, according to CPA Australia's superannuation lead Richard Webb. "It's a good idea to check with your employer to see how they view the changes and what it means for you," he said. Workers on contracts with a total remuneration package could see a slight drop in their take-home pay, while those on award or enterprise agreements would likely receive the contribution on-top of their current pay. When compulsory superannuation was introduced in 1992 - in part to reduce government spending on the Age Pension - only one in 10 Australian retirees listed super as a source of income. Nine in 10 people between 30 and 50 now have super. Government spending on the Age Pension is projected to fall from 2.3 per cent of gross domestic product in 2020 to two per cent by 2062/63, despite a doubling of the over-65 population and a trebling of over-85s over the same period. However the super guarantee increase wouldn't help those who missed out on paid work for extended periods, Super Consumer Australia chief executive Xavier O'Halloran said. "(For) people who have caring responsibilities or who have been locked out of the unaffordable housing market ... increasing SG further won't address those inequalities," he told AAP. Mr O'Halloran said there was more that could be done to support people struggling in retirement, when a significant portion of their autumnal years' savings were made. "Right now, there are no minimum standards for retirement products like there are for MySuper," he said. "There is also no performance testing of retirement products, so super funds can still sell poor products." Australian workers can look forward to a bigger nest egg, with an increase to the superannuation guarantee to add tens of thousands of dollars to the average super account. From July 1, employers' minimum required contribution to employees' superannuation accounts will rise from 11.5 per cent to 12 per cent. It's the latest and last in a series of incremental increases from nine per cent over more than a decade since they were legislated by the Rudd-Gillard Labor government in 2012. With the latest bump, a 30-year-old earning $60,000 would have an extra $20,000 in super by retirement, according to the Association of Superannuation Funds Australia. It will add about $300 each year to the superannuation of a worker on a $60,000 salary, or $500 for someone on a $100,000 salary. "The system foundations are cemented for young, working people to have a comfortable retirement," ASFA chief executive Mary Delahunty said. "It's a moment all Australians should be proud of." The association says the cost of a comfortable retirement increased 1.6 per cent in the past year, while the cost of a modest retirement rose 1.7 per cent. A "comfortable" retirement includes top-level health insurance, a reasonable car and leisure activities. The cost of either outcome was increasing slower than Australia's current 2.4 per cent headline inflation but retiree budgets remained under pressure from rising food, energy and health costs. Couples on average need $73,900 annually for a comfortable retirement, while most singles needed $52,300 per year, ASFA says. For a modest retirement covering the basics, couples needed $48,200 each year, singles $33,400, or for renting couples, $64,250, and $46,660 each year for singles who rent. The figures underlined the importance of increasing Australia's housing stock, Ms Delahunty said. "They also illustrate how super can be the difference between hardship and stability later in life, especially for renters." For some workers, the extra contribution will come from their existing pay package, according to CPA Australia's superannuation lead Richard Webb. "It's a good idea to check with your employer to see how they view the changes and what it means for you," he said. Workers on contracts with a total remuneration package could see a slight drop in their take-home pay, while those on award or enterprise agreements would likely receive the contribution on-top of their current pay. When compulsory superannuation was introduced in 1992 - in part to reduce government spending on the Age Pension - only one in 10 Australian retirees listed super as a source of income. Nine in 10 people between 30 and 50 now have super. Government spending on the Age Pension is projected to fall from 2.3 per cent of gross domestic product in 2020 to two per cent by 2062/63, despite a doubling of the over-65 population and a trebling of over-85s over the same period. However the super guarantee increase wouldn't help those who missed out on paid work for extended periods, Super Consumer Australia chief executive Xavier O'Halloran said. "(For) people who have caring responsibilities or who have been locked out of the unaffordable housing market ... increasing SG further won't address those inequalities," he told AAP. Mr O'Halloran said there was more that could be done to support people struggling in retirement, when a significant portion of their autumnal years' savings were made. "Right now, there are no minimum standards for retirement products like there are for MySuper," he said. "There is also no performance testing of retirement products, so super funds can still sell poor products."
The Advertiser
4 hours ago
- The Advertiser
No breakthrough in European talks with Iranian diplomat
A meeting between Iran's foreign minister and top European diplomats yielded hopes of further talks but no immediate breakthrough, a week after war erupted between Israel and Tehran, over Iran's nuclear program. Foreign ministers from Britain, France and Germany, as well as the European Union's foreign policy chief, emerged from talks at a Geneva hotel about 3 1/2 hours after Iran's Abbas Araghchi arrived for the meeting. It was the first face-to-face meeting between Western and Iranian officials since the start of the conflict. In a joint written statement issued after the talks ended, the three European nations and the EU said that they "discussed avenues towards a negotiated solution to Iran's nuclear program." They reiterated their concerns about the "expansion" of the nuclear program, adding that it has "no credible civilian purpose." In a separate statement, Lammy stressed that the aim of Europe and the US was that Iran should stop all uranium enrichment. He said that "there can be discussions about the energy needs of Iran" but added that "zero enrichment is the starting point." Lammy told British media outlets that there is "a window of within two weeks where we can see a diplomatic solution," and urged Iran "to take that off ramp." US President Donald Trump has given a time-frame of two weeks for a decision on whether the US will get involved in the conflict, on Israel's side. "Military operations can slow Iran's nuclear program but in no way can they eliminate it," said French Foreign Minister Jean-Noël Barrot. "We know well -- after having seen what happened in Afghanistan, in Iraq, in Libya — how illusory and dangerous it is to want to impose regime change from outside." Barrot also said that European nations "invited the Iranian minister to envisage negotiations with all parties including the United States, and without waiting for the end of the strikes." The French Foreign Minister said Araghchi agreed "to put all the issues on the table including some that weren't there before" and "showed his disposition to continuing the conversation — that we started today — and for the Europeans to help facilitate, including with the United States." Araghchi addressed reporters outside the meeting venue after the talks ended. He expressed support for continuing discussions with the three European countries and the EU. He also denounced Israel's attacks against nuclear facilities in Iran and expressed "grave concern" over what he called "non-condemnation" by European nations. Israel says it launched its airstrike campaign to stop Iran from getting closer to being able to build a nuclear weapon. Iran and the United States had been negotiating over the possibility of a new diplomatic deal over Tehran's program, though Trump has said Israel's campaign came after a 60-day window he set for the talks. Iran's supreme leader has rejected US calls for surrender and warned that any military involvement by the Americans would cause "irreparable damage to them." Just before meeting the European diplomats, Araghchi made a brief appearance before the UN Human Rights Council in Geneva. He said that Israel's "attacks on nuclear facilities are grave war crimes," and insisted that "we are entitled … and determined to defend our territorial integrity, national sovereignty and security with all force." Iran has long insisted its nuclear program is peaceful, though it was the only non-nuclear-armed state to enrich uranium up to 60 per cent, a short, technical step away from weapons-grade levels of 90 per cent. A meeting between Iran's foreign minister and top European diplomats yielded hopes of further talks but no immediate breakthrough, a week after war erupted between Israel and Tehran, over Iran's nuclear program. Foreign ministers from Britain, France and Germany, as well as the European Union's foreign policy chief, emerged from talks at a Geneva hotel about 3 1/2 hours after Iran's Abbas Araghchi arrived for the meeting. It was the first face-to-face meeting between Western and Iranian officials since the start of the conflict. In a joint written statement issued after the talks ended, the three European nations and the EU said that they "discussed avenues towards a negotiated solution to Iran's nuclear program." They reiterated their concerns about the "expansion" of the nuclear program, adding that it has "no credible civilian purpose." In a separate statement, Lammy stressed that the aim of Europe and the US was that Iran should stop all uranium enrichment. He said that "there can be discussions about the energy needs of Iran" but added that "zero enrichment is the starting point." Lammy told British media outlets that there is "a window of within two weeks where we can see a diplomatic solution," and urged Iran "to take that off ramp." US President Donald Trump has given a time-frame of two weeks for a decision on whether the US will get involved in the conflict, on Israel's side. "Military operations can slow Iran's nuclear program but in no way can they eliminate it," said French Foreign Minister Jean-Noël Barrot. "We know well -- after having seen what happened in Afghanistan, in Iraq, in Libya — how illusory and dangerous it is to want to impose regime change from outside." Barrot also said that European nations "invited the Iranian minister to envisage negotiations with all parties including the United States, and without waiting for the end of the strikes." The French Foreign Minister said Araghchi agreed "to put all the issues on the table including some that weren't there before" and "showed his disposition to continuing the conversation — that we started today — and for the Europeans to help facilitate, including with the United States." Araghchi addressed reporters outside the meeting venue after the talks ended. He expressed support for continuing discussions with the three European countries and the EU. He also denounced Israel's attacks against nuclear facilities in Iran and expressed "grave concern" over what he called "non-condemnation" by European nations. Israel says it launched its airstrike campaign to stop Iran from getting closer to being able to build a nuclear weapon. Iran and the United States had been negotiating over the possibility of a new diplomatic deal over Tehran's program, though Trump has said Israel's campaign came after a 60-day window he set for the talks. Iran's supreme leader has rejected US calls for surrender and warned that any military involvement by the Americans would cause "irreparable damage to them." Just before meeting the European diplomats, Araghchi made a brief appearance before the UN Human Rights Council in Geneva. He said that Israel's "attacks on nuclear facilities are grave war crimes," and insisted that "we are entitled … and determined to defend our territorial integrity, national sovereignty and security with all force." Iran has long insisted its nuclear program is peaceful, though it was the only non-nuclear-armed state to enrich uranium up to 60 per cent, a short, technical step away from weapons-grade levels of 90 per cent. A meeting between Iran's foreign minister and top European diplomats yielded hopes of further talks but no immediate breakthrough, a week after war erupted between Israel and Tehran, over Iran's nuclear program. Foreign ministers from Britain, France and Germany, as well as the European Union's foreign policy chief, emerged from talks at a Geneva hotel about 3 1/2 hours after Iran's Abbas Araghchi arrived for the meeting. It was the first face-to-face meeting between Western and Iranian officials since the start of the conflict. In a joint written statement issued after the talks ended, the three European nations and the EU said that they "discussed avenues towards a negotiated solution to Iran's nuclear program." They reiterated their concerns about the "expansion" of the nuclear program, adding that it has "no credible civilian purpose." In a separate statement, Lammy stressed that the aim of Europe and the US was that Iran should stop all uranium enrichment. He said that "there can be discussions about the energy needs of Iran" but added that "zero enrichment is the starting point." Lammy told British media outlets that there is "a window of within two weeks where we can see a diplomatic solution," and urged Iran "to take that off ramp." US President Donald Trump has given a time-frame of two weeks for a decision on whether the US will get involved in the conflict, on Israel's side. "Military operations can slow Iran's nuclear program but in no way can they eliminate it," said French Foreign Minister Jean-Noël Barrot. "We know well -- after having seen what happened in Afghanistan, in Iraq, in Libya — how illusory and dangerous it is to want to impose regime change from outside." Barrot also said that European nations "invited the Iranian minister to envisage negotiations with all parties including the United States, and without waiting for the end of the strikes." The French Foreign Minister said Araghchi agreed "to put all the issues on the table including some that weren't there before" and "showed his disposition to continuing the conversation — that we started today — and for the Europeans to help facilitate, including with the United States." Araghchi addressed reporters outside the meeting venue after the talks ended. He expressed support for continuing discussions with the three European countries and the EU. He also denounced Israel's attacks against nuclear facilities in Iran and expressed "grave concern" over what he called "non-condemnation" by European nations. Israel says it launched its airstrike campaign to stop Iran from getting closer to being able to build a nuclear weapon. Iran and the United States had been negotiating over the possibility of a new diplomatic deal over Tehran's program, though Trump has said Israel's campaign came after a 60-day window he set for the talks. Iran's supreme leader has rejected US calls for surrender and warned that any military involvement by the Americans would cause "irreparable damage to them." Just before meeting the European diplomats, Araghchi made a brief appearance before the UN Human Rights Council in Geneva. He said that Israel's "attacks on nuclear facilities are grave war crimes," and insisted that "we are entitled … and determined to defend our territorial integrity, national sovereignty and security with all force." Iran has long insisted its nuclear program is peaceful, though it was the only non-nuclear-armed state to enrich uranium up to 60 per cent, a short, technical step away from weapons-grade levels of 90 per cent. A meeting between Iran's foreign minister and top European diplomats yielded hopes of further talks but no immediate breakthrough, a week after war erupted between Israel and Tehran, over Iran's nuclear program. Foreign ministers from Britain, France and Germany, as well as the European Union's foreign policy chief, emerged from talks at a Geneva hotel about 3 1/2 hours after Iran's Abbas Araghchi arrived for the meeting. It was the first face-to-face meeting between Western and Iranian officials since the start of the conflict. In a joint written statement issued after the talks ended, the three European nations and the EU said that they "discussed avenues towards a negotiated solution to Iran's nuclear program." They reiterated their concerns about the "expansion" of the nuclear program, adding that it has "no credible civilian purpose." In a separate statement, Lammy stressed that the aim of Europe and the US was that Iran should stop all uranium enrichment. He said that "there can be discussions about the energy needs of Iran" but added that "zero enrichment is the starting point." Lammy told British media outlets that there is "a window of within two weeks where we can see a diplomatic solution," and urged Iran "to take that off ramp." US President Donald Trump has given a time-frame of two weeks for a decision on whether the US will get involved in the conflict, on Israel's side. "Military operations can slow Iran's nuclear program but in no way can they eliminate it," said French Foreign Minister Jean-Noël Barrot. "We know well -- after having seen what happened in Afghanistan, in Iraq, in Libya — how illusory and dangerous it is to want to impose regime change from outside." Barrot also said that European nations "invited the Iranian minister to envisage negotiations with all parties including the United States, and without waiting for the end of the strikes." The French Foreign Minister said Araghchi agreed "to put all the issues on the table including some that weren't there before" and "showed his disposition to continuing the conversation — that we started today — and for the Europeans to help facilitate, including with the United States." Araghchi addressed reporters outside the meeting venue after the talks ended. He expressed support for continuing discussions with the three European countries and the EU. He also denounced Israel's attacks against nuclear facilities in Iran and expressed "grave concern" over what he called "non-condemnation" by European nations. Israel says it launched its airstrike campaign to stop Iran from getting closer to being able to build a nuclear weapon. Iran and the United States had been negotiating over the possibility of a new diplomatic deal over Tehran's program, though Trump has said Israel's campaign came after a 60-day window he set for the talks. Iran's supreme leader has rejected US calls for surrender and warned that any military involvement by the Americans would cause "irreparable damage to them." Just before meeting the European diplomats, Araghchi made a brief appearance before the UN Human Rights Council in Geneva. He said that Israel's "attacks on nuclear facilities are grave war crimes," and insisted that "we are entitled … and determined to defend our territorial integrity, national sovereignty and security with all force." Iran has long insisted its nuclear program is peaceful, though it was the only non-nuclear-armed state to enrich uranium up to 60 per cent, a short, technical step away from weapons-grade levels of 90 per cent.
Sky News AU
6 hours ago
- Sky News AU
Major Queensland coal mine facing termination with hundreds of jobs on the chopping block
A Queensland coal mine may imminently 'pause' operations, which could result in 500 workers losing their jobs. The Burton coal mine, 80 kilometres northwest of Moranbah, was first opened in 2022 and despite fierce attempts to ramp up production and lower costs, a mammoth flood season and record low prices have put the facility in a perilous situation. Bowen Coking Coal Ltd, which owns the mine, released a statement to the Stock Exchange on Friday and revealed that the mine could 'pause' production within a matter of months if additional cash or equity was not immediately sourced. 'If immediate funding efforts are unsuccessful and/or coal market pricing dynamics do not improve, Bowen may seek to temporarily pause operations at part, or all, of the Burton Mine Complex,'' the ASX statement read. The company has been forced to close a number of its coal mines in recent years including the Bluff mine near Blackwater, with Bowen Coking Coal executive chair Nick Jorss blaming the crisis on soaring state royalties and catastrophically low prices. 'Bowen is the tip of the iceberg of the pain being felt by central Queensland,'' Mr Jorss told the Courier Mail. 'We're not the only ones on the edge. Quite a lot of mines in central Queensland are cash negative, meaning a lot of jobs are at risk." Mr Jorss, who has worked in the industry for close to two decades, said the company had paid $120 million in royalty taxes to the Queensland government, after the former Labor government introduced a new progressive royalty structure in July 2022. 'This super royalty is an ongoing tax on revenue irrespective of whether mines are making profit or can pay their wages or other costs.' Mr Jorss said, adding 'it's a really sad state of affairs for Queensland.' The Bowen complex which recently acquired a cash injection was initially given a 10-year life. The facility produces two million tonnes of coal per year, with the Bowen Basin itself holding the largest black coal reserves in the nation. Mr Jorss said that despite Queensland still holding the title of the largest producer and exporter of coal in the nation, tax pressures had taken their toll on the industry's ability to be commercially viable and competitive. '(Former Labor treasurer) Cameron Dick is still playing political games on royalties, but it's impacting real people's lives in central Queensland and beyond,' he said, adding it would be a 'real tragedy if it's taxed out of existence". Mr Jorss said that if the 500 jobs are cut and operations are ceased then surrounding cities as far as Mackay and Brisbane would feel the pinch due to a lack of local supply. Industry magnates have slammed the Commonwealth Grants Commission, which allocates GST revenue among the states, for listing Queensland's soaring revenues brought in from commodity royalties as the justification for it to not receive an estimated $5 billion in GST. Spot prices for coal used to produce steel which is the majority of Burton's output have experienced a steep decline in global prices in the last year, sinking 25 per cent to US$175 a tonne. Experts have put this down to global instability sparked by US President Donald Trump's sweeping tariff policies and a historic lack of demand in China and India. Thermal coal used in coal-powered fire stations have also plunged by 25 per since last June to US$66 a tonne as the nation shifts towards a renewables energy grid.
