Read more at Media’ite:

The Guarding confirms the statement of Michele Bachmann (implicitly) in the emboldened portion — GM is pulling out of Australia… Toyota probably following. Minimum wage increases adding pressures to business:

…GM Holden will cease producing cars in Australia from 2017, putting 2,900 employees out of work and Australia’s remaining car and components industry and its 45,000 workers in immediate danger.

“The decision to end manufacturing in Australia reflects the perfect storm of negative influences the automotive industry faces in the country, including the sustained strength of the Australian dollar, high cost of production, small domestic market and arguably the most competitive and fragmented auto market in the world,” GM Holden’s chairman, Dan Akerson, said.

In a statement from Detroit, Holden said “approximately 2,900 positions will be impacted over the next four years. This will comprise 1,600 from the Elizabeth vehicle manufacturing plant [in South Australia] and approximately 1,300 from Holden’s Victorian workforce…