Toyota workers will receive assistance: PM

Prime Minister Tony Abbott says that Toyota workers affected by the company’s decision to stop manufacturing in Australia by 2017 will receive help from the government.

AAP reports that Mr Abbott told Fairfax Radio that the $60 million assistance package promised to Holden workers will be expanded to include their Toyota counterparts.

“We’ve got this $60 million adjustment package for Holden workers and I suspect that will probably get enhanced, given that there is now another business involved,” he said.

Meanwhile, the SMH reports that Treasurer Joe Hockey may abolish tariffs on luxury and imported cars, as a result of Toyota’s decision.

Currently there is 5 per cent tariff on these cars. The purpose of this is to protect local manufacturers, but given that there will soon be no such car makers to protect, Mr Hockey may abolish the tax.

If this were to happen, the price of each imported car would drop by between $1000 and $2000. However, the tariffs also currently raise revenue of $920 million a year. This figure is expected to rise to more than $1 billion over the forward estimates.