Australian government to provide AUD500 mil. in assistance to automotive industry
Current government reaffirms its commitment to supporting the Australian automotive industry
The Australian government has unveiled an AUD500-million (USD459-million) assistance package for the automotive industry, reports The Australian. The funding is intended to support car manufacturers and component makers until the end of the decade with another AUD300 million to be pumped in after 2020. The scheme will be funded from existing allocations, with no additional funds needed until 2018. The funds will be used to aid Ford in its research and development (R&D) operations in Geelong (Australia), which employ 1,100 workers and will continue to operate beyond the 2016 shutdown of its manufacturing operations. Funds will also be given to Holden to build two next-generation vehicles at its Elizabeth (Australia) plant though no specific amounts have been disclosed.
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