Australian Car Dealers Receive Government Backing

The Australian government has reached an agreement with several banks to provide AUD2bn (US$1.286bn) in financing to the country's car dealers. The agreement with ANZ, Commonwealth Bank of Australia, the National Australia Bank and Westpac envisages the creation of a special purpose vehicle (SPV), which will provide security for eligible loans. However, all parties have insisted that the backing will only be provided to viable businesses, rather than giving handouts to dealerships that cannot operate viably.

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