Australia sets up $89 million fund for auto workers hit by GM exit

Australia is setting up a A$100 million ($89 million) fund to support regions affected by General Motors Co’s (GM) decision to stop production in the country by 2017, including directly supporting those workers affected by the decision. GM, the world’s second-biggest auto maker, said last week it would end vehicle and engine manufacturing in Australia by the end of 2017, dealing a severe blow to the country’s auto sector and manufacturing future. Prime Minister Tony Abbott is launching the fund and related programs as a way to help transition the country from heavy industrial manufacturing to “higher value-added” production, other than just subsidies. Abbott said the government also expected GM to make a contribution.

    

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