The Decline of Australia's Car Industry
Australia's car industry has been compared with South Korea's to analyse where it all went wrong for homegrown automotive companies.
While Korean-made cars account for more than 90% of the market there, in Australia fewer than 10% of cars are made in the country, reported the Sydney Morning Herald.
Customers have more choice and they are not choosing Australian cars. The high dollar has also made Australian cars a less attractive export option.
Effects of the damage to the Australian car industry include the end of Ford manufacturing operations in 2016, and the protracted losses being suffered by Toyota and Holden.
Meanwhile, South Korea, with its competitive manufacturers and exports, is the world's fifth biggest car maker. Goods and services can be produced there for half of what they cost in Australia.
The report added that the unlikely event of the dollar lowering sufficiently and customer tastes reverting to favour Australian cars is the final hope for the industry.