❓ Dr. Thomas questions the government's financial commitment to Griffin Coal, seeking clarity on the extent and source of funding. The government acknowledges further funding will be needed but cites commercial sensitivities in disclosing details.
AnsweredQoN 526Legislative Council
QuestionView source ↗
GRIFFIN COAL
526. Hon Dr STEVE THOMAS to the minister representing the Minister
for State Development, Jobs and Trade:
It feels like Christmas came on a Thursday!
I refer to the Premier's
shock comments on 12 May 2023 that in addition to the unprecedented $19.5 million
grant, additional taxpayers' money may well be used to prop up the
Griffin Coal company, and that this may well be an ongoing process for years to
come.
(1) Has the
McGowan government determined a financial cap to the extent of its Griffin
bailout, or is this an open-ended Griffin cash splash?
(2) Where in the 2023–24
budget is the funding stream apportioned to this extraordinary bailout?
(3) How much more
undisclosed taxpayers' money will this government throw at Griffin in a
desperate attempt to keep the lights on?
(4) How much of
the future bailouts will go to existing creditors, and how much will be spent
simply keeping the machines running?
526. Hon Dr STEVE THOMAS to the minister representing the Minister
for State Development, Jobs and Trade:
It feels like Christmas came on a Thursday!
I refer to the Premier's
shock comments on 12 May 2023 that in addition to the unprecedented $19.5 million
grant, additional taxpayers' money may well be used to prop up the
Griffin Coal company, and that this may well be an ongoing process for years to
come.
(1) Has the
McGowan government determined a financial cap to the extent of its Griffin
bailout, or is this an open-ended Griffin cash splash?
(2) Where in the 2023–24
budget is the funding stream apportioned to this extraordinary bailout?
(3) How much more
undisclosed taxpayers' money will this government throw at Griffin in a
desperate attempt to keep the lights on?
(4) How much of
the future bailouts will go to existing creditors, and how much will be spent
simply keeping the machines running?
AnswerView source ↗
I thank the honourable member for
some notice of the question. The following response is on behalf of the
minister representing the Minister for State Development, Jobs and Trade.
(1) It is
expected that further funding will be required to support ongoing operations.
Government is in ongoing discussions with Griffin's receivers and
managers to determine the quantum of funding required to ensure security of
coal supply. Government expects that any longer term plan for Griffin will be
on a commercially sustainable basis, underpinned by customers paying a fair
price for coal.
(2) There are
significant commercial sensitivities relating to funding for Griffin Coal. It
is therefore not considered appropriate to reveal the funding allocation at
present. Government is committed to providing this information in due course.
(3) Refer to response in (1).
(4) As previously noted, no funding
has been provided to secured creditors to date.
some notice of the question. The following response is on behalf of the
minister representing the Minister for State Development, Jobs and Trade.
(1) It is
expected that further funding will be required to support ongoing operations.
Government is in ongoing discussions with Griffin's receivers and
managers to determine the quantum of funding required to ensure security of
coal supply. Government expects that any longer term plan for Griffin will be
on a commercially sustainable basis, underpinned by customers paying a fair
price for coal.
(2) There are
significant commercial sensitivities relating to funding for Griffin Coal. It
is therefore not considered appropriate to reveal the funding allocation at
present. Government is committed to providing this information in due course.
(3) Refer to response in (1).
(4) As previously noted, no funding
has been provided to secured creditors to date.
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