The Consolidated Meat Group, which is owned by Australia's richest man Kerry Packer, is to close its Lakes Creek Meatworks in September, with the loss of 600 jobs.

The Rockhampton, Queensland-based plant has been at the centre of a long-running industrial dispute

CMG executive chairman Ray O'Dell explained to the Gold Coast Bulletin that the plant was now unprofitable following a drop in international demand for meat: "That's sad but, at the end of the day, the whole purpose of private industry is to make profit."