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Via Herald Sun:

THE last ever Australian-made cars will roll off Holden’s Elizabeth production line today.

The historic occasion will mark the end of almost a century of automotive manufacturing for the nation, and 69 years for Holden.

More than 1000 Holden fans have pulled up outside the factory in tribute to the Lion’s history.

Police, driving Commodores, are managing traffic on the Phillip Highway and have ordered that cars be removed from the median outside the factory.

Prime Minister Malcolm Turnbull was emotional about Holden’s closure.

“I feel very sad as we all do it’s the end of an era, you can’t get away from the emotional repsonse to the closure,” he said.

When asked by 3AW host Neil Mitchell if the government “had blood on its hands” and could have saved Holden, he refered to comments made by Holden boss Mike Devereux where he previously cited a range of economic factors affecting the car maker’s future.

South Australian premier Jay Weatherill said “this is a sad day but also a day when people can hold their head high”.

“I think we should have kept the car industry but that is a decision which is passed. So most of our effort has been focused on getting on with the future and that is what we have been doing for the last four years.”

…Deputy Labor leader Anthony Albanese told the Today Show: “Our thoughts are with the Holden workers today”, and said it was “a pity” that the government through former treasurer Joe Hockey told them to go.

A lousy $500m would have saved the industry which was being killed by a temporary forex and wages spike owing to the mining boom, largely driven by the gas sector. Instead, in usual fashion we bet it all on black and today we have literally swapped a car industry that is now quite cost competitive for a vile gas cartel that rips dough out of the pocket of every person, business and government on the east coast. Even as import more expensive Holdens from Korea and Thailand.

Not only that, we bought $60bn worth of subs we didn’t need to sure-up Chris Pyne’s seat after the car industry collapse.

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This is macro management driven full-tilt into a brick wall.

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.