Taxpayer dollars ‘going to be handed over to companies’ over coal price cap

It comes after mining giant Rio Tinto is set to receive a compensation package for the temporary coal price cap put in place to lower energy prices.

“Had the government not meddled, they would have quite happily continued along making their profits, putting the coal that we need into the system, and keeping our lights on,” she told Sky News host Rita Panahi. “We are not looking at what is happening … in Germany, and what is happening in the UK, and across other parts of Europe.”

I thought Rio had its its own renewable energy farms? At least that was the marketing hype over the past few years. Why do they need additional help?

Yet another Albo screw up...........

Well done Albo, you f..ked it again.

People on here whinging about Rio getting money with zero concern that government does this sort of thing at all with your money.

They are still making Profits off Australian Resources Stop being Greedy,maybe a wages cut from the top and pay their taxes why compensate them for making money off the Australian People Assets.Albo needs to tighten the reigns abit more.Capitalism is fine Greed is not👍

Next they will bail out the banks when mortgages go belly up.

Albo, no plan no idea.

Arent rio laughing, can make more $$$ on what was already put aside for the local market “major pollutor” australia, and now charge through the roof on exports to other “excused giant polluters” like china, and india. Absolute climate change 🤡 show.

Good one AlboMP & JEChalmers gift billions to foreign multi-nationals but no cash for Australians cost of living relief. 🤦🤬 9NewsAUS 7NewsAustralia 10NewsFirstSyd newscomauHQ abcnews Politics_SMHAGE

True, we shouldn't be compensating them at all 🙂 They've already received more than enough payola from our federal government over the years

So the government is paying off the coal companies for lower power bills?. So that means the power bills won't be lowered for very long . Bribery, isn't that illegal?.

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Mining companies profit from coal capTaxpayers will foot the bill for compensation costs mining companies will incur due to the government’s coal price cap scheme. Mining giant Rio Tinto is expected to receive roughly $450 million for anticipated losses in 2023. The move is set to anger the Greens Party and the crossbench who are opposed to compensation to fossil fuel companies. It’s believed power stations across Australia’s east will be reimbursed if they’ve already paid for coal above the $125 cap. It’s hoped the price cap will save households around $225 on power bills in the new year. Welcome to clown world Maybe the $250 savings were the extra tax we paid along the way. Where are Albos supporters now? Not a word.
Source: SkyNewsAust - 🏆 7. / 78 Read more »