True, but privatisation extended its life. government was planning on shutting down in 2005.
It would be hard for business as the public perception is a call for renewables and to pull away from coals. Would be pointless to upgrade or build new plant with so much uncertainty in the market.
http://mobile.abc.net.au/news/2017-03-30/hazelwood-power-plant-shutdown-explained/8379756
Government was planning on building a new one on the other side of the same open cut, pretty much as soon as Loy Yang was finished.