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Bailout package for the auto industry of Australia

August 2013, 06
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In order to help the struggling sectors of Australian economy, the Australian government proposed for a fresh US$177 million (Aus$200 million) bailout package for the auto industry. Industry Minister of Australia, Kim Carr, said that these proposed funds ensure that car manufacturing industry experiences a strong future and also continues to offer high-wage, high-skill jobs for individuals. He also stated that the automotive industry of Australia provides billions of dollars as export income, thousands of jobs and also benefits in development and research. He termed that their proposal will help the auto industry and increases its competence in the global market.

The auto industry of Australia provides employment to more than 50,000 people and also offers 250,000 jobs for people in the associated industries. For the past few years, the Australian auto industry has been struggling due to squeezed exports and rise in costs of production.

Canberra had offered a bailout package of AUS$3.2 billion during the global economic crisis and also offered additional assistance or lifelines to Holden and Ford, in the last year. However, Ford announced its stopping of manufacturing cars from 2016 due to economic pressures. Holden, General Motors subsidiary, and Toyota are the other two key players in the auto manufacturing industry of Australia. Hence, the new bailout package will inject a much need life and energy into the car manufacturing industry of Australia.

Carr also expressed that he was consulting with car manufacturers and associated industries on the best ways that are available in spending the money. 

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