Holden’s decision to cut 500 jobs has seen it make headlines around the world – with many outlets focusing strongly on the brand’s hefty government funding.
New information has revealed Holden has received almost $2 billion in government funding since 2001 – almost twice that of other manufacturers.
But with so many figures being thrown around, we thought it’d be helpful to share a breakdown of Holden’s funding as printed by News Limited.
From the Federal Government
$1.5bn - Automotive Assistance 2001 to 2010 Automotive Competitive and Investment Scheme
$12.5m - 2001 Strategic Investment Incentive for the training of automotive industry employees and the development of industry relevant technology (Engine Plant)
$6.7m - 2006 Safety Enhancement Project
$150m - 2011 to 2012 Automotive Transformation Scheme
$189m - 2008 to 2012 Green Car Innovation Fund Grants
$3m - 2010 to 2011 Automotive Supply Chain Development Program
$1,864,107,018 - Subtotal automotive programs assistance
$215m - Not yet paid. 2012 New Generation Co-Investment Grant.
$2,079,107,018 - Total Automotive Programs Assistance
$78,640,619 - General assistance 2001 to 2012 under Tradex scheme where importers gain exemption on customs duties and GST on goods to be re-exported.
$17,199,894 - Vocational education training programs.
$2,174,947,53 - Total of benefits paid, gained or pledged January 1, 2001, to December 31, 2012.
From the South Australian Government
$30 million - Attracting production of Holden Cruze to Elizabeth.
$5 million - Labour adjustment following the downsizing of vehicle operations (closure of third shift).
$1 million - GM Holden secondary employment activity to assist workers to find employment while on reduced shifts.
$2.2 million - Safety enhancement project.
$38.2m - Total grants paid
$50 million - pledged but not paid for the new generation vehicle. Due in 2016-17 and 2017-18 financial years.
$88.2m - Total paid or pledged