Anthony Albanese rejects reports of $450m coal price cap payout for Rio Tinto and partners

Federal and state governments have agreed to pay producers compensation for pre-existing supply contracts exceeding the cap

Anthony Albanese has rejected suggestions of a potential $450m payout to Rio Tinto and its partners for the Gladstone power plant, which could push coal price cap compensation to more than $1bn.

Albanese told Channel Seven’s Sunrise the federal government expects the cost “will be nothing like the sort of figures” reported for Gladstone although Queensland premier Annastacia Palaszczuk later appeared to confirm the figure was possible, as a maximum.

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