Australian Jobs on Brink of Collapse: ‘The Quick and the Dead’ Warning as Manufacturers Abandon Ship
- Battery maker Energy Renaissance’s collapse exposes gaping holes in industry support, putting thousands of Aussie jobs at risk.
- Cheap Chinese imports flooded the market, crippling the company’s ability to compete, despite receiving millions in government grants.
- The federal government’s decision to launch a 30% home battery subsidy scheme, benefiting Chinese-made products, adds insult to injury.
In a shocking blow to Australia’s manufacturing sector, the collapse of Energy Renaissance has sounded the alarm on the growing threats to Aussie jobs. The company, which was poised to employ nearly 700 people in the Hunter Region, was touted as a beacon of hope for the country’s renewable energy transition.
But despite receiving $750,000 in grants from the Advanced Manufacturing Growth Centre (AMGC) and $18 million from the NSW government, Energy Renaissance found itself drowning in a sea of cheap Chinese imports. “Eighteen months ago, it became very clear we needed support,” CEO Brian Craighead revealed in an exclusive interview. “US tariffs had China over capacity, they started to dump into the local market. We needed to scale.”
In a heartbreaking development, the company’s pleas for additional funding fell on deaf ears. “We asked for $18 million from the federal National Reconstruction Fund (NRF) to match the state contribution,” Mr Craighead said. “They said, ‘Come back once you’ve got bigger orders’.”
Just six days after Energy Renaissance entered administration, the federal government launched a 30% home battery subsidy scheme – with those subsidies now underwriting products made in China. “This is not about being a sore loser, whining about not getting support – this is not about us at all,” Mr Craighead declared. “What I’ve described is entirely common. What we found was the gap between saying and doing is kind of terminal.”
The problem, he argues, lies in the risk-averse nature of key funders like the $15 billion NRF or the Australian Renewable Energy Agency (ARENA). “We need to let the bankers bank and builders build,” Mr Craighead urged. “Start-ups like Energy Renaissance are in a world of the quick and the dead against state-backed competition from the likes of China.”
As the country grapples with the looming threat to Aussie jobs, News Australia today launches the Back Australia campaign – an initiative that unites brands and people through a shared goal of building a prosperous future. The campaign will champion Australian businesses supporting local jobs, as well as celebrating Australian ingenuity.
Australia’s small businesses, often referred to as the engine room of the economy, are facing an uphill battle against a mountain of red tape, cashflow concerns, tax obligations, digital impacts, and a host of other challenges. In the 2023-24 financial year, small businesses with 5-19 employees lost 144,000 workers, according to the Australian Bureau of Statistics (ABS) – a decline of 6.1%.
As the nation teeters on the brink of an economic crisis, the Back Australia campaign is urging citizens to support local businesses and keep Aussie jobs alive. Will you join the fight to build a prosperous future for Australia?