Toyota’s announcement to shut down local production by 2017 delivered a massive blow to the automobile industry. 50,000 skilled workers are set to lose their jobs, possibly leading Victoria and South Australia into recession.

Toyota has followed the footsteps of Holden and Ford, all announcing 2017 as the end of their production locally. All 3 brands will import their vehicles moving forward.

High productions costs, the unstable Australian dollar and free trade agreements were cited as the reason for Toyota’s decision. This move is set to change manufacturing in the country, as the government is scrambling to provide packages for workers that have been affected.

Read more about this on the Sydney Morning Herald website.

The following two tabs change content below.
Dorian Traill is the current Director of Grand Capital Finance Group and Fountain Property Group. He specialize in home loans for people as well as helping them build wealth through quality investment properties that ultimately lead to long term financial freedom.

Latest posts by Dorian Traill (see all)