Suggestions that the Australian government is providing a subsidy to Holden for
a new engine plant in Victoria have been rejected by Federal Industry Minister
Nick Minchin, reports ABC News Online (19/12/00).

Referring to a story in The Australian newspaper, Minchin says that suggestions
that the federal government would contribute $100 million are wrong.

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He said that the Holden plant is eligible to get funding from a new industry-wide
import duty credit scheme – to begin in January – but declined to comment on
details of specific help for the Victorian plant.

Minchin said that the figure for overall Commonwealth help of $A100 million
for the engine plant is too high and a gross exaggeration. The company tax to
be paid by Holden would be more than any benefit the company would derive under
the new investment scheme.

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