From the AFR:
Governments have handed around $1 billion of taxpayers’ money to each of the three foreign-owned car makers over the past decade, accounting for more than their collective $2 billion profit over the same period, an analysis by The Australian Financial Review reveals.
Toyota, Ford Australia and GM Holden paid a collective $1.3 billion in taxes in the fiscal years from 2002 until 2011, annual reports filed with the securities regulator show.
The companies say the grant money went towards successful investments in research and development and facilities.
The federal government plans to distribute billions more in subsidies in coming years under a scheme it says is designed to make the car companies economically sustainable.
To my mind the car industry is a strategic exception to market rules and deserves support. Yes, it’s annoying, inefficient and a red rag to other vested interests but without this industrial capacity to my mind, in defense terms, you’re a sitting suck.
Now, rip into me!
