As per latest news of Australia auto industry, in 2009 Labor government of Australia is providing General Motors Holden an amount of $149 million. This amount is supposed to be allocated from Green Car Innovation Fund, which is worth $1.3 billion.
This money would be provided to General Motors Holden for improving facilities at Elizabeth factory at Adelaide. This money would enable this company to start building four cylinder cars from July 2010 onwards. State government of South Australia has said that it would provide further grants worth $30 million in next four years.
Condition of workers Condition of workers in auto industry in Australia in 2009 is not different than auto workers everywhere else. For example, in Elizabeth factory outlet of General Motors Holden workers have faced shorter working weeks. There have been extended close downs as well. They have also had very little job security as well.
Condition of car sales In Australia automobile industry car sales have been going down at a steady rate in last couple of months. For example in November 2008 sales of new cars came down for five consecutive months. Recorded sales for automobile industry of Australia in that month were lowest for five and a half years and were 5.2 percent lower than October 2008. As per media reports there were almost 100,000 new cars in Australia auto industry that have been put aside.
Green Car Fund Green Car Fund is an assistance package that has been announced by Kevin Rudd for auto industry of Australia. This package is worth $6.2 billion. However, it has not been able to be really of any use as it has been hampered badly by global financial crisis. This assistance package is not going to create a new jobs or provide any assurances regarding long term employment in Australia auto industry.
Condition of car companies in Australia As of 2009 car companies in Australia auto industry have been finding it hard to maintain business operations in face of mounting losses. Toyota is expecting its initial operating loss in 7 decades. This loss is supposed to amount to 150 billion yen. Ford Australia has borrowed $13 million in form of financial assistance from federal government. This assistance was provided after it threatened to stop production at its Geelong engineering plant, thereby axing 300 workers.
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Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF’s Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize.
Professor of Economics & Director of the Earth Institute at Columbia University. Special Adviser to the UN Secretary-General on the Millennium Development Goals. Founder & co-President of the Millennium Promise Alliance.
Mario I. Blejer is a former governor of the Central Bank of Argentina and former Director of the Center for Central Banking Studies at the Bank of England. Eduardo Levy Yeyati is Professor of Economics at Universidad Torcuato Di Tella and Senior Fellow at The Brookings Institution.
James W. Harpel Professor of Capital Formation and Growth at the John F. Kennedy School of Government in Harvard University. Director of Program in International Finance and Macroeconomics at the National Bureau of Economic Research.