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Government fund lends $45m to Arnott’s to help Tim Tams go global

Patrick Commins

The government’s National Reconstruction Fund has lent Arnott’s Group $45m to help support the Australian name to take Tim Tams worldwide.

The money will be used to refinance $1.75bn in debt that comes due in 2026, which is earmarked for “planned future growth capital expenditure”.

Tim Tams are already stocked in all major British supermarkets and are reportedly selling well – Brits have bought more than 5 million packets since the biscuits hit shelves in April 2024.

The NRF has $15bn in taxpayer money to invest in the country’s manufacturing capability, and recently also lent $36m to the country’s biggest meat pie maker, Patties Food Group.

Arnott’s has been around since 1865 and employs 2,500 people across five facilities.

While Arnott’s is an iconic Australian name, the company is owned by American private equity giant KKR, which bought the company from Campbell Soup Company in 2019.

Arnott’s has not been Australian owned since 1997.

A shelf full of Tim Tams
Photograph: Martin Berry/Alamy
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Federal energy rebates will not be extended, Jim Chalmers says

Treasurer Jim Chalmers is speaking in Canberra, where he just announced the federal government’s energy bill rebates will not continue.

Chalmers is speaking to the press ahead of the release of the upcoming mid-year budget update, which he said would include “savings” and “difficult decisions”.

“And one of them is around these energy bill rebates,” he said. “The main game for the budget is obviously May, a big focus there will be to balance these two challenges.”

He added:

There have been three rounds of electricity bill rebates, and there won’t be a fourth. … These electricity bill rebates are an important part of the budget, but not a permanent feature of the budget.

Chalmers said changes to federal tax rates were a better system to permanently help with the cost of living.

Treasurer Jim Chalmers. Photograph: Mick Tsikas/AAP
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