Breakdown: Holden's $2 billion in 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.

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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

 

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