Ford to shut down in Australia

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From the AFR (and through my Geelong rumour mill):

Ford Australia is expected to announce on Thursday that it will shut its car plants in Melbourne and Geelong in 2016, causing the loss of about 2000 jobs.

The company has scheduled a press conference for 10.45am at its assembly plant at Broadmeadows in Melbourne’s northern suburbs.

From the SMH:

A statement from acting Industry Minister Craig Emerson has just been sent out:

“The Government is aware of reports that Ford is making a significant announcement about the future of its manufacturing operations.

“In these situations our top priority is ensuring workers and their families in regional communities are looked after.

“Workers need to be given every opportunity to find new jobs and regional economies and communities need to be assisted in securing new investment and employment opportunities.

“The Government will have more to say when Ford has made its announcement. But I can assure you making sure the company’s workforce and regional communities are looked after will be our top priority.”

AAP reports Ford is expected to announce a huge cut to its Australian operations from 2016.

Fairfax Radio is reporting that it will close its Broadmeadows and Geelong factories from 2016.

Ford Australia employs about 3100 people in Broadmeadows, Geelong and its five regional offices.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.