Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

I have indicated that we are drawing up what will be the most comprehensive industry plan ever devised in the automotive sector in this country. That is what this government is doing. We are consulting thoroughly, widely and comprehensively to ensure that we do have the answers to deal with these questions.

Car makers, like many other manufacturers, are finding it hard to raise capital. Last week we saw the United States stock market value General Motors in US dollar terms at $2.7 billion. That is less than the market capitalisation of Crown Casino, at US$3.3 billion. That kind of irrationality cannot last forever and it is essential that we keep preparing for the future. The industry understands that, the government understands that and together we will steer this industry through the most difficult times— (Time expired)