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Federal Government hand Holden $215m

The Federal Government is providing $215 million to assist General Motors Holden Australia's second best-selling vehicle manufacturer to keep its factories open in Australia

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Federal Government hand Holden $215m

A Holden Cruze hatch being driven off an Australian assembly line.
Photo: AP Photo/General Motors.

5 Apr 2012

The Federal Government is providing $215 million to assist General Motors Holden Australia's second best-selling vehicle manufacturer to keep its factories open in Australia. The Federal Government investment is on top of the South Australian Government's hand-out of an additional $50 million, with an extra $10 million from Victoria as well.

he $275 million funding package will be granted to Holden in exchange for a $1 billion investment from the US parent manufacturing company to GM Holden, to make two new car models (not necessarily for Australian consumers) at its Adelaide plant and with a guarantee that Holden will remain in Australia for at least another decade.
The Federal Government has set aside more than $3.5 billion to implement the Government's New Car Plan in support of the automotive industry as more than 1 million new vehicles are sold annually along with vehicle component exports worth more than $3 billion a year.

The Federal and Victorian governments will also provide an extra $35 million to assist component manufacturers', to increase sales abroad. Holden's biggest automotive export markets are the Middle East, Asia and the US - soon to sell the locally produced Commodore as a re-badged Chevrolet.

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