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GM to Keep Australian Presence for 10 Years, Wins Subsidy

Bloomberg -- General Motors Co. (GM), the largest U.S. automaker, will continue making cars at its Holden unit in Australia for at least 10 years in return for a A$275 million ($288 million) government assistance package.

“We were at real risk there would be no more Holden in Australia,” Prime Minister Julia Gillard told reporters in Canberra today. “It would have been a knockout blow for manufacturing, given the importance of the auto industry.” Holden will invest more than A$1 billion in production to make two new models, in return for the investment, she said.

The value of Australia’s automobile exports plunged to the lowest level since 1998 last year as a local currency that’s strengthened 14 percent against the U.S. dollar in the past two years reduced overseas demand.

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Submitted Mar 22, 2012 By: Mudsprings

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rjhenn Champion Author Des Moines Posts:22,434 Points:2,228,950 Joined:Aug 2005	Message Posted: Mar 23, 2012 6:45:05 PM Ignore rjhenn Report Abuse If you're posting strictly for points, there's a whole section called Just for Fun for that. [Edited by: rjhenn at 3/23/2012 6:47:04 PM EST]
sparky808 Champion Author Honolulu Posts:2,993 Points:597,535 Joined:Sep 2011	Message Posted: Mar 23, 2012 1:28:34 PM Ignore sparky808 Report Abuse Thank you for posting.
N5EXY Champion Author Austin Posts:5,487 Points:1,509,105 Joined:Jul 2004	Message Posted: Mar 23, 2012 7:49:06 AM Ignore N5EXY Report Abuse Rumble, grumble, it is all about points.
rjhenn Champion Author Des Moines Posts:22,434 Points:2,228,950 Joined:Aug 2005	Message Posted: Mar 23, 2012 12:00:04 AM Ignore rjhenn Report Abuse rumbleseat - "Reading some of the posts, I have to wonder if it is the state of the education system, or if some people in GasBuddy are just dumb, or too lazy to read articles before posting for points." Yes.
GoGoGoodyear Champion Author Los Angeles Posts:2,049 Points:506,355 Joined:Mar 2010	Message Posted: Mar 22, 2012 9:37:21 PM Ignore GoGoGoodyear Report Abuse I see GM has learned to play the gimme-gimme subsidy and handout game in other countries as well. At least the Australian taxpayers only got taken for a few hundred million.
ProRogue Veteran Author Vancouver Posts:382 Points:1,085,990 Joined:Dec 2008	Message Posted: Mar 22, 2012 9:29:53 PM Ignore ProRogue Report Abuse Unfortunately, rumbleseat, all signs point to your second guess. Sad. True.
boborobot All-Star Author Michigan Posts:501 Points:415,800 Joined:Dec 2011	Message Posted: Mar 22, 2012 9:27:13 PM Ignore boborobot Report Abuse What does this have to do with fuel prices?
darkknight1 Champion Author Winston-Salem Posts:4,330 Points:894,860 Joined:Nov 2010	Message Posted: Mar 22, 2012 9:19:30 PM Ignore darkknight1 Report Abuse ok
nwsynthetics Champion Author Oregon Posts:1,014 Points:345,075 Joined:Dec 2011	Message Posted: Mar 22, 2012 9:18:57 PM Ignore nwsynthetics Report Abuse Thanks for story. No comment
TustinDad Champion Author Orange County Posts:4,281 Points:907,440 Joined:Feb 2008	Message Posted: Mar 22, 2012 9:16:45 PM Ignore TustinDad Report Abuse rumbleseat wrote: "Reading some of the posts, I have to wonder if it is the state of the education system, or if some people in GasBuddy are just dumb, or too lazy to read articles before posting for points." You are on to something. I think there is another reason as well. Some posters just post something outrageous to see what they can stir up. I really hope some of the comments aren't serious, that would be a disaster for this country.
ratones1 Champion Author Los Angeles Posts:2,907 Points:731,005 Joined:Mar 2011	Message Posted: Mar 22, 2012 9:16:08 PM Ignore ratones1 Report Abuse hhhhhhhhum...
ratones1 Champion Author Los Angeles Posts:2,907 Points:731,005 Joined:Mar 2011	Message Posted: Mar 22, 2012 9:15:27 PM Ignore ratones1 Report Abuse wow...
walkingtall Champion Author Toronto Posts:3,989 Points:1,119,730 Joined:Nov 2004	Message Posted: Mar 22, 2012 9:15:24 PM Ignore walkingtall Report Abuse We will loss in the long run.
RitaVespa Champion Author Oregon Posts:2,976 Points:791,285 Joined:Jan 2011	Message Posted: Mar 22, 2012 9:14:39 PM Ignore RitaVespa Report Abuse SERIOUSLY!?
TustinDad Champion Author Orange County Posts:4,281 Points:907,440 Joined:Feb 2008	Message Posted: Mar 22, 2012 9:14:06 PM Ignore TustinDad Report Abuse theschmuck wrote: "'e-squirrel's last comment is good - GM can't seem to operate anywhere in the world without be subsidized by the gov't. More of our taxpayers money being thrown away." If you stop and think for just a tiny, little bit, schmuck, you ought to realize that money given by the Australian government to an Australian (Holden) company has VERY little to do with our tax payers' money. Where do you get all this drivel from?
CPGas1815 Champion Author Michigan Posts:6,027 Points:1,099,605 Joined:Apr 2008	Message Posted: Mar 22, 2012 9:12:06 PM Ignore CPGas1815 Report Abuse As one who has recorded the earnings of Australian golfers for several years I have had to convert those earnings to U.S.. Dollars. At is low the Australian dollar was valued at approx. 79 U.S. cents. At its high the Australian dollar was actually just slightly higher than the U.S.. dollar but that was about six years ago.
Hoporrene Veteran Author Mississippi Posts:312 Points:206,970 Joined:Dec 2011	Message Posted: Mar 22, 2012 9:08:26 PM Ignore Hoporrene Report Abuse umm..wow
carefrey Champion Author Orlando Posts:5,525 Points:1,157,535 Joined:Sep 2009	Message Posted: Mar 22, 2012 8:57:31 PM Ignore carefrey Report Abuse Okay!
YodaON Champion Author Ottawa Posts:2,927 Points:779,060 Joined:Jan 2011	Message Posted: Mar 22, 2012 8:54:49 PM Ignore YodaON Report Abuse Should help poor GM
TDIdave Champion Author California Posts:5,053 Points:1,223,765 Joined:May 2006	Message Posted: Mar 22, 2012 8:52:05 PM Ignore TDIdave Report Abuse hmmm.
stephen2155 Champion Author North Carolina Posts:3,019 Points:657,055 Joined:Jun 2011	Message Posted: Mar 22, 2012 8:51:56 PM Ignore stephen2155 Report Abuse Ok
swrestler Champion Author Grand Rapids Posts:6,130 Points:1,570,850 Joined:Oct 2008	Message Posted: Mar 22, 2012 8:51:03 PM Ignore swrestler Report Abuse GM All The Way...
ShabbyPA Champion Author Pennsylvania Posts:2,815 Points:680,490 Joined:Nov 2007	Message Posted: Mar 22, 2012 8:48:25 PM Ignore ShabbyPA Report Abuse whatever
cutter1330 Champion Author Oklahoma Posts:8,030 Points:1,693,140 Joined:Jul 2005	Message Posted: Mar 22, 2012 8:47:06 PM Ignore cutter1330 Report Abuse GM hand outs.
JDisNo1 Sophomore Author Twin Cities Posts:129 Points:88,820 Joined:Jan 2012	Message Posted: Mar 22, 2012 8:46:56 PM Ignore JDisNo1 Report Abuse ok
warlord1 Champion Author Georgia Posts:5,240 Points:1,033,025 Joined:May 2010	Message Posted: Mar 22, 2012 8:46:41 PM Ignore warlord1 Report Abuse ok
Busymomma56 Sophomore Author Utah Posts:224 Points:52,120 Joined:Mar 2012	Message Posted: Mar 22, 2012 8:44:03 PM Ignore Busymomma56 Report Abuse What about what our country needs? Thought GM was an American company. So they get money from USA and other countries also. What a scam?
69Bonne Champion Author Gary Posts:1,145 Points:472,175 Joined:Sep 2005	Message Posted: Mar 22, 2012 8:42:04 PM Ignore 69Bonne Report Abuse And they'll keep the profits over there, too.
heysailor Champion Author Pittsburgh Posts:9,577 Points:2,331,695 Joined:Mar 2006	Message Posted: Mar 22, 2012 8:41:52 PM Ignore heysailor Report Abuse That's nice
toneOH All-Star Author Ohio Posts:551 Points:32,195 Joined:May 2011	Message Posted: Mar 22, 2012 8:36:55 PM Ignore toneOH Report Abuse right
blitzntj Champion Author Jacksonville Posts:4,674 Points:943,105 Joined:Dec 2007	Message Posted: Mar 22, 2012 8:36:45 PM Ignore blitzntj Report Abuse Ok
justme48 Champion Author New Jersey Posts:2,515 Points:510,295 Joined:Jun 2011	Message Posted: Mar 22, 2012 8:35:58 PM Ignore justme48 Report Abuse Where is my subsidy to keep me going??????
SUPERQUACK Champion Author Sacramento Posts:6,121 Points:1,910,855 Joined:Jun 2007	Message Posted: Mar 22, 2012 8:35:14 PM Ignore SUPERQUACK Report Abuse WE NEED MORE "PRESENSE" HERE !!!!!!!!!!
TXHUNTER1 Champion Author Austin Posts:2,711 Points:294,985 Joined:Dec 2006	Message Posted: Mar 22, 2012 8:33:14 PM Ignore TXHUNTER1 Report Abuse OK
jpd683 Champion Author Scranton Posts:3,909 Points:1,544,555 Joined:Jul 2005	Message Posted: Mar 22, 2012 8:32:19 PM Ignore jpd683 Report Abuse We will lose in the long run.
theschmuck Champion Author Michigan Posts:2,912 Points:1,510,650 Joined:Mar 2007	Message Posted: Mar 22, 2012 8:31:40 PM Ignore theschmuck Report Abuse 'e-squirrel's last comment is good - GM can't seem to operate anywhere in the world without be subsidized by the gov't. More of our taxpayers money being thrown away.
rumbleseat Champion Author Winnipeg Posts:22,921 Points:3,529,395 Joined:Oct 2002	Message Posted: Mar 22, 2012 8:30:07 PM Ignore rumbleseat Report Abuse Reading some of the posts, I have to wonder if it is the state of the education system, or if some people in GasBuddy are just dumb, or too lazy to read articles before posting for points.
bra0712 Champion Author Arizona Posts:3,655 Points:767,370 Joined:Nov 2008	Message Posted: Mar 22, 2012 8:29:02 PM Ignore bra0712 Report Abuse K
shea33 Champion Author Pensacola Posts:2,363 Points:541,965 Joined:Oct 2011	Message Posted: Mar 22, 2012 8:23:54 PM Ignore shea33 Report Abuse keeping the company going
Topshopper2011 Champion Author New Jersey Posts:1,003 Points:275,390 Joined:Aug 2011	Message Posted: Mar 22, 2012 8:21:17 PM Ignore Topshopper2011 Report Abuse Just how business works worldwide. Every country subsidizes at least to industries in the countries. Check it out if you do not know already.
KrsnaDragon Champion Author Montreal Posts:2,402 Points:530,325 Joined:Nov 2011	Message Posted: Mar 22, 2012 8:20:31 PM Ignore KrsnaDragon Report Abuse IMHO, some of the less literate posters would be doing the rest of us a favour by sticking to one-word posts. Often, they're the ones with so much to say, but most of it is scapegoating, name-calling, and myopic criticism; they rarely seem to have any practical or reasonable ideas to propose.
Car54BC08 Champion Author British Columbia Posts:4,249 Points:1,509,365 Joined:Jun 2008	Message Posted: Mar 22, 2012 8:13:18 PM Ignore Car54BC08 Report Abuse GM is doing a pretty good job of being a parasite in other parts of the world and not just North America.
rf6480 Champion Author Miami Posts:1,534 Points:547,055 Joined:Mar 2011	Message Posted: Mar 22, 2012 8:08:49 PM Ignore rf6480 Report Abuse More subsidies
stevencr Champion Author Ohio Posts:5,646 Points:1,432,815 Joined:Mar 2009	Message Posted: Mar 22, 2012 8:04:51 PM Ignore stevencr Report Abuse I didn't know Australia had such a large automotive manufacturing industry. Sounds like this will be good for both the Aussies and GM. It's too bad GM can't stand on it's own and compete without governmnet help.
96sc1 Champion Author El Paso Posts:8,517 Points:1,367,440 Joined:Mar 2008	Message Posted: Mar 22, 2012 8:02:10 PM Ignore 96sc1 Report Abuse This administration's ruinous fiscal policy is having an negative impact on Australia's trade balance. That can't be good.
jwduke1 Champion Author Iowa Posts:15,604 Points:3,068,265 Joined:Apr 2004	Message Posted: Mar 22, 2012 7:59:48 PM Ignore jwduke1 Report Abuse I'm surprised the worthless UAW doesn't want these jobs in the US.....
Romey08 Champion Author Virginia Posts:6,311 Points:1,436,490 Joined:Apr 2008	Message Posted: Mar 22, 2012 7:59:38 PM Ignore Romey08 Report Abuse Not sure how this is related to gasbuddy.
paulydel Champion Author Delaware Posts:8,779 Points:847,450 Joined:Jan 2008	Message Posted: Mar 22, 2012 7:58:17 PM Ignore paulydel Report Abuse The one worders have no brain. They just take up everones time with useless dribble. The other one is "What does this have to do with oil?"
singlemom27 Champion Author Ventura Posts:3,103 Points:638,235 Joined:Apr 2011	Message Posted: Mar 22, 2012 7:58:03 PM Ignore singlemom27 Report Abuse good
REVLAW Champion Author San Antonio Posts:10,430 Points:2,006,270 Joined:Jul 2007	Message Posted: Mar 22, 2012 7:56:17 PM Ignore REVLAW Report Abuse K