Holden closes, five years earlier than Gillard promised Labor and some media commentators have tried to set up the Abbott Government for blame should Holden fail. But for that to work, Holden would have to announce a pull out after Christmas, and after the Abbott Government had ruled out more handouts. Instead, Holden has been forced to declare its hand now: Chairman and CEO Dan Akerson said the decision "reflects the perfect storm of negative influences the automotive industry faces in the country, including the sustained strength of the Australian dollar, high cost of production, small domestic market and arguably the most competitive and fragmented auto market in the world..." That exposes the folly of Labor's handout mentality: Just last year then Prime Minister Julia Gillard made this announcement after handing over more millions: And the good news is that the future of General Motors is now secure in this country for the next decade. Holden will be here in Australia producing cars for at least the next 10 years. That's great news. And it's as a result of a more than $1 billion co-investment between the Federal Government, the South Australian Government, the Victorian Government and of course Holden, which is investing strongly in the future of manufacturing Holden cars here in Australia. That guarantee of 10 more years of production has turned into a delivery of just five years. The promise was complete bull, and someone then was lying - GMH, Gillard or both. (Note: I've corrected this post. I originally said the Gillard funding announcement was made last March, rather than last year.)