The Gillard and Baillieu Governments today announced new funding to boost the performance of the Ford Falcon and the Ford Territory produced here in Australia.
The Commonwealth will provide $34 million towards a total investment of over $103 million to boost the fuel efficiency and emissions performance in both models.
This funding will also see the Falcon produced at Broadmeadows in Melbourne to at least the end of 2016.
The Prime Minister said today's announcement was great news for the future of the automotive industry in Australia.
With a rising dollar and fierce competition from other countries in our region, we need to be investing in manufacturing products that are innovative and competitive.
This is exactly the type of investment we identified at the Future Jobs Forum and the PM's Manufacturing taskforce to help shore up the future of our manufacturing sector.
It's smart, it's competitive and best of all it will secure jobs, not only in Victoria but also across the nation.
Making the announcement with Ford Asia Pacific and Africa President Joe Hinrichs and Ford Australia President and CEO Bob Graziano, the Federal Minister for Manufacturing, Senator Kim Carr, said it was an exciting new initiative for the Falcon and Territory.
"It will boost the fuel efficiency and emissions performance of the Falcon by more than 5 per cent with the use of new improved aerodynamics and transmission technology," Senator Carr said.
"We are working with the company to ensure its future in Australia. This announcement is an important step in our ongoing commitment to strengthen the sector."
Victorian Acting Premier Peter Ryan said the Victorian Coalition Government was also providing financial support to Ford's 2014 upgrade project that will deliver a new and better Falcon and further strengthen Geelong's position as a major automotive centre.
Victorian Minister for Manufacturing, Exports and Trade Richard Dalla-Riva said this investment will deliver a significant boost to Geelong's economy and flow-on benefits for businesses right across Victoria.
"Ford is at the centre of Victoria's and Australia's automotive sector and a major provider of high value jobs, both directly and through supply chains," Mr Dalla-Riva said.
"The Victorian Coalition Government is committed to strengthening Victoria's position as a competitive and innovative manufacturing base for world-class vehicles.
"Manufacturing is a major contributor to Victoria's economy and is the state's largest employer. The automotive industry is a vital driver of our overall manufacturing sector and the Ford 2014 upgrade represents a significant vote of confidence in Victoria's automotive manufacturing sector," Mr Dalla-Riva said.
Senator Carr made the announcement at the Detroit Motor Show, and Victorian Acting Premier Peter Ryan and Minister Dalla-Riva made the announcement at Ford's Geelong plant.