The peak body representing the Australian automotive industry, the Federal Chamber of Automotive Industries (FCAI), says the Government's response to the Bracks Review will help underpin future investment and innovation in the automotive industry.
"These measures provide a significant vote of confidence in the future of the Australian automotive industry," FCAI Chief Executive Andrew McKellar said.
In particular, the Federal Government has recognised the opportunities that exist to encourage the future production of more environmentally-friendly vehicles in Australia.
"The Green Car Innovation Fund is a world-leading example that will encourage the development and production of more fuel efficient vehicles in Australia," Mr McKellar said.
"This is about a new generation of cars that will have lower carbon emissions; meet changing market requirements; and contribute to the enhanced competitiveness of the Australian automotive industry," he said.
The automotive sector is Australia's largest manufacturing industry, directly employing more than 60,000 people.
It is Australia's largest exporter after mining, generating export earnings of around $5 billion a year.
"This policy framework provides added certainty and a clear direction for stronger innovation and a viable future for the Australian automotive industry," Mr McKellar said.
"In return, the international parent companies of the three local manufacturers are committed to reinvesting in Australia and this will provide significant flow-on benefits to the economy," he said.
"The industry endorses this strong policy response and acknowledges the extensive and effective consultation the Government has undertaken during the review process," Mr McKellar said.
For further information contact:
Sheena Ireland, Communications Manager
P: 02 6229 8221
M: 0458 038 555