The Australian government approves an aid package worth A$4.5 billion ($2.5 billion) for auto makers due to the drop in tariffs on imported vehicles from 15% to 10% in 2005. The subsidies will go to Australia’s four major auto makers, Holden Ltd., a unit of General Motors Corp., Ford Motor Co., Toyota Motor Corp. and Mitsubishi Motors Corp., reports Reuters. The tariffs, which are set to fall even further in 2010 to 5%, have been hotly debated by various units within the government. The ...
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