74610
GM Closure Ends Australia’s Car Manufacturing Industry
GM Closure Ends Australia’s Car Manufacturing Industry

GM Closure Ends Australia’s Car Manufacturing Industry

GM Closure Ends Australia’s Car Manufacturing Industry

Australia’s near 100-year automotive industry ended on Friday as GM Holden Ltd, a unit of US carmaker General Motors Co., closed its plant in South Australia to move manufacturing to cheaper locations.
The closure comes a year after Toyota Motor Corp and Ford Motor Co. similarly moved out, eliminating thousands of manufacturing jobs. It adds pressure on the government to help those made redundant find work in a battleground state ahead of a federal election in 18 months, Reuters reported.
 “The end of Holden making cars in Australia is a very sad day for the workers and for every Australian. It is the end of an era,” Prime Minister Malcolm Turnbull told reporters at a regular briefing on Friday. “Everyone has a Holden story.”
Turnbull has sought to soften the impact of a declining automotive industry in a state which historically determines who forms government by making South Australia a defense industry hub.
The government plans to increase defense spending by nearly A$30 billion ($23.52 billion) by 2022, with the manufacture of a fleet of frigates, armored personnel carriers and submarines to be concentrated in South Australia.
But John Camillo, ýstate secretary at Australian Manufacturing Workers’ Union in South Australia, said nearly 2,500 newly unemployed will need government help finding work.
 “They need to be retrained to be able to work in defense, mining, aerospace, because we are going to be building ships,” Camillo told reporters outside the GM Holden plant in Elizabeth, 26 kilometers (16.1 miles) north of state capital Adelaide.

Short URL : https://goo.gl/d48H9j
  1. https://goo.gl/ALtioj
  • https://goo.gl/giHscu
  • https://goo.gl/HQzD2M
  • https://goo.gl/Jh8jzC
  • https://goo.gl/RHfsaj

You can also read ...

The S&P Mumbai Stock Index Sensex shed 73.88 points or 0.21% and closed at 35,548.26 while the Nifty50 index dropped by  17.85 points or 0.17% and settled at 10,799.85.
It is expected that the latest installment of concerns over...
Markets in Argentina, Brazil and Turkey took  the biggest hits from the fed rate hike.
Higher US rates are rattling many emerging markets in much the...
New Zealand Economy Facing Headwinds
New Zealand’s economic growth is expected to have slowed...
JPMorgan argues the record levels of debt in the US are a clear late-cycle indicator—and sees tough times ahead, at least in credit markets.
It seems like every time Joseph Harvey opens the Wall Street...
Copper Slips to 2-Week Low
Copper eased for a third session on Monday on fears trade...
Without users, it would simply be a worthless token.
Cryptocurrencies are not scalable and are more likely to...
Egyptian Lawmakers Decry Sisi Gov’t Economic Reforms
A group of Egyptian lawmakers on Sunday criticized recent...
Turkey Jobless Rate Falls to 10.1%
Turkey’s unemployment rate stood at 10.1% in March, falling 1....

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus