Live: $2.5b Tomago aluminium smelter bailout 'vital', minister says

The federal and NSW governments are set to unveil a $2.5 billion bailout of the Tomago aluminium smelter in the state's Hunter region. Follow all the updates in our live blog. Thu 13 Aug 2026 at 8:07amThu 13 Aug 2026 at 8:07amBragg says low-income Australians 'definitely' need to accept substandard housingAndrew Bragg says he thinks low-income Australians need to accept substandard housing if they want to get into the housing market.The shadow housing minister unveiled a Coalition policy yesterday to cut the National Construction Code from 2,000 to 80 pages.Speaking to ABC Radio National Breakfast, Bragg says low-income Australians "definitely" need to accept substandard housing if they want to break into the market.He says the policy was given the green light by the shadow cabinet."I think we've got to be clear, there are trade-offs here," Bragg says."It's more important to have a house than to not have a house. And so given the affordability crisis we have in the housing system, we need to just build more houses."Thu 13 Aug 2026 at 8:02amThu 13 Aug 2026 at 8:02amAndrew Bragg doesn't say if he showed Angus Taylor his Press Club speech before addressLiberal frontbencher Andrew Bragg hasn't been able to say whether Angus Taylor saw his speech before he addressed the National Press Club yesterday.The shadow minister delivered a speech in which he called for the National Construction Code to be cut from 2,000 to 80 pages.He also said he was "sorry" that he didn't do more to "stop the madness" under the former Morrison government as a backbencher.Speaking to ABC Radio National Breakfast, Bragg says he thought it was important to be clear about what direction the Coalition should take."I talk widely with my colleagues, and speeches are provided in advance in the not usual way. But I thought it was important to give a detailed speech on housing," Bragg says."I thought it was important as a token of honesty to be clear about what the direction of travel should be."Thu 13 Aug 2026 at 7:49amThu 13 Aug 2026 at 7:49amRevised News Bargaining Code bill will mean media companies receive more money: MulinoThe other big news of the day is Labor will be introducing its revised News Bargaining Incentive bill to parliament today.Assistant Treasurer Daniel Mulino says the revised legislation will lift the number of deals large tech companies have to enter into to exempt themselves from a 2.5 per cent tax from six to eight.The assistant treasurer says the revised bill will also change the reference year to be one year closer to the financial year, to account for an extra year of growth.Five per cent of any incentive payments will be reserved for the Australian Associated Press, Mulino says.Speaking to ABC Radio National Breakfast, Mulino says media companies will receive more money under the revised bill,"We're changing the reference year to one year forward, it incorporates another year of growth in digital advertising revenue. So the total pool for media will be bigger by that year of growth," Mulino saysThu 13 Aug 2026 at 7:33amThu 13 Aug 2026 at 7:33amAyres can't say whether bailout will exceed $2.5 billion, says 'time will tell' on revenueSnowy Hydro will play a role in powering the Tomago Aluminium plant as part of a joint Commonwealth-NSW $2.5 billion bailout of the facility, the industry minister says.The federal government has been considering a supply deal with the hydro-electricity plant to power Australia's single largest user of power.Under the $2.5 billion bailout, the operators of Tomago Aluminium will also have to share profits with the Commonwealth when aluminium prices are high.Industry Minister Tim Ayres hasn't indicated how much the government could earn from the revenue-sharing agreement.Speaking to ABC's AM program, Ayres also couldn't say if the bailout would exceed the $2.5 billion announced today."I don't want to make predictions about the future. You'd have to have some confidence, I think, with global demand for aluminium so high. This is a crucial product," Ayres says."Time will tell what the return to the taxpayer is ... It's a potential return to the taxpayer that means that we've got a shared interest in the success of this facility."Thu 13 Aug 2026 at 7:20amThu 13 Aug 2026 at 7:20amTim Ayres doesn't say where Tomago bailout funds will come fromIndustry Minister Tim Ayres hasn't said where the money to fund a bailout of Australia's largest aluminium smelter will come from.The industry minister says the deal struck with the operators of Tomago Aluminium will inject 3 gigawatts of new electricity generation.Under the $2.5 billion bailout, the operators of Australia's largest smelter have agreed to invest $100 million to drive decarbonisation and a demand-response program.But asked on ABC News Breakfast where the money to fund the 10-year bailout would come from, Ayres sidestepped the question."This will be accounted for in the budget properly. We made it clear when we made a commitment in 2023, I think it was, just casting back, that we would deliver a transformation package for the Australian aluminium industry," Ayres says.Thu 13 Aug 2026 at 7:15amThu 13 Aug 2026 at 7:15amLabor to introduce revised News Bargaining Incentive bill to parliament todayThe federal government will introduce a revised News Bargaining Incentive bill to parliament today, requiring big tech companies to pay more for news content on their platforms.The likes of Google, Microsoft and Meta will face an increased levy of 2.5 per cent on digital advertising revenue, unless they strike content deals with Australian media companies.Labor's latest amendments will force platforms to make commercial deals with at least eight organisations, instead of six as proposed earlier.The cap for each deal has been raised from 16 to 25 per cent of the total levy, following concerns from media giants Nine and Newscorp.The two largest recipients of funding under the current scheme previously warned Labor's plan would cut funding, risk local journalism and could result in job losses.Financial Services Minister Daniel Mulino says the changes will ensure platforms are incentivised to make deals with small and larger media outlets."We want to see deals between digital platforms and a diverse range of media organisations to ensure fair recompense for the use of content," Mulino says in a statement.Thu 13 Aug 2026 at 7:10amThu 13 Aug 2026 at 7:10amAustralia's largest aluminium plant to receive $2.5 billion bailoutAustralia's largest aluminium smelter, Tomago Aluminium, will receive a $2.5 billion bailout from the federal and NSW governments over 10 years.The plant's owner, Rio Tinto, warned last year the facility would be forced to close when its energy contract runs out in 2028 due to rising energy costs.Prime Minister Anthony Albanese and NSW Premier Chris Minns will make the announcement at the plant located in the state's Hunter region.Under the deal, the operators of Tomago Aluminium will have to share profits with the Commonwealth when aluminium prices are high.Tomago Aluminium, which is Australia's largest single energy user, has agreed to contribute at least $1.1 billion to help decarbonise and implement a demand-response program.Speaking to Channel Nine, Industry Minister Tim Ayres says the government investment will secure more than 1,000 jobs at the plant."It's a national asset. These workers here, blue collar workers, who work hard everyday, turn up early and they've got a government, an Albanese government working with the Minns NSW government to back them, and back this vital national industrial asset," Ayres says."This facility, our largest and youngest aluminium producer, is vital for Australia and we're really proud to back these workers," Ayres says.Thu 13 Aug 2026 at 7:04amThu 13 Aug 2026 at 7:04amGood morning 👋Hello, and welcome to our federal politics live blog! It's great to have you join us here early this Thursday morning.I'm Josh Boscaini, joining you live from Parliament House in Canberra, here and ready to bring you all of today's federal politics news.The federal and NSW governments will today announce a $2.5 billion bailout of the embattled Tomago smelter in the state's Hunter region.And Labor will introduce its revised News Bargaining Incentive bill to parliament, which will force big tech companies to pay more for news content on their platforms.Without further ado, let's get into the day and see what happens on the final sitting day of this week!