What it costs to save Aussie steel industry
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.' South Australian Treasurer Stephen Mullighan handed down the 2025-26 budget on Thursday. NewsWire / Dean Martin Credit: News Corp Australia Anthony Albanese and Peter Malinauskas addressed workers at Whyalla Steelworks after the takeover. NewsWire / Tim Joy Credit: NewsWire
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. The budget delivered substantial allocations to the Whyalla steelworks and to the South Australian Police. NewsWire / Dean Martin Credit: News Corp Australia
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. Mr Mullighan (left) and Premier Peter Malinauskas will return to the polls in March next year. NewsWire / Dean Martin Credit: News Corp Australia
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. '
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