Powered by
  • WheelsWheels
  • MOTORMOTOR
  • 4X4 Australia4X4 Australia
  • Street MachineStreet Machine
  • Trade Unique CarsTrade Unique Cars

Breakdown: Holden's $2 billion in funding

10 Apr 2013 Industry

Holden, cuts, job, South Australia, Commodore, Cruze, Speed, Record, Guinness, World, Records, Stripped, Hennessey, Venom GT

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.

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