Prime Minister Malcolm Turnbull went to the Victorian town of Portland with some good news for workers at the Alcoa aluminium smelter.
The Federal Government says it will give $30 million to the plant.
It's part of a broader assistance package in which the Victorian government is also spending $200 million of taxpayers' money.
The Prime Minister told workers it will save around 700 jobs at the plant, and 2,000 in the Portland region.
"Because the sooner this smelter is back in full operation, the better. That's good for Portland, good for the company, good for all the workers, good for Victoria, good for Australia. We are here standing up for Australian jobs, manufacturing jobs, exporting jobs, jobs in regional Australia."
The Alcoa plant had been in deep trouble.
Last year, a power outage forced it to close one of its 'potlines', large pots which are used in the smelting process.
It was also in 2016 that a state government contract with Alcoa expired, which gave the company a discount on its power bills.
But Mr Turnbull says its future has been guaranteed for at least four more years if it meets certain conditions.
"The plant has to continue operating at least 90 per cent of its capacity, its current capacity which equates to about 270,000 tonnes. If the company wants to retain all of the grant, they have to keep going, keep the plant operating at that level through to 2021 which of course is what the company's commitment is."
It is a change of heart from the Turnbull government compared to former Prime Minister Tony Abbott.
When he was elected in 2013, he said there would be no more corporate bailouts for struggling industries.
"This Government will be very loath to consider requests for subsidies. We will be very loath to do for businesses in trouble, the sorts of things that they ought to be doing for themselves and the sorts of things which the private sector commercial arrangements should potentially at least be doing for them."
The Victorian Premier, Daniel Andrews, who travelled to the Alcoa plant with the Prime Minister, says the plant isn't receiving any special treatment.
"This kind of sink or swim brigade, that says no Government money ought to be supporting ever industry. I don't agree with that. I never have. You have to deliver value. That is exactly what the agreement that we have entered into, it represents value. Now, there's always a cost with these sorts of agreements but I ask you, just for a moment, think about the cost involved in 2-thousand jobs gone. 2-thousand livelihoods gone."
The Prime Minister says Alcoa's sustainability was one of the main reasons it was saved.
"We take a thoroughly practical and pragmatic approach to this situation. This is a viable business, this is a technologically advanced plant."
The last few years have been troubling for Australian industries.
In 2014, the Abbott Government refused to bailout fruit and vegetable processor S-P-C.
It was later given a funding package by the Victorian government.
Car maker Ford closed down its two Australian factories last year and Toyota says it will do the same this year.
And steel maker Arrium was placed in voluntary administration last year, leading to a 50 million dollar loan from the Federal government.
The head of the Australian Chamber of Commerce and Industry, James Pearson, says handouts should be a last resort.
"Generally speaking, unless there are extreme situations, unless there are situations where the government feels it's necessary to intervene, in that case it should do so in a very clear, transparent, and consistent way so the costs should be understood, then the market should be left to themselves."
