Ford Australia boss Bob Graziano today announced the closure from October 2016 of the car-maker's two Victorian plants, at Geelong and Broadmeadows, and the junking of the iconic Falcon brand.

Unveiling a $141 million after-tax loss for the 2012-13 year, Mr Graziano said it was no longer viable for the company to make cars in Australia.

Julia Gillard immediately announced $51 million in assistance to affected communities and to local firms in the vehicle manufacturing supply chain.

Ford's decision, after nearly a century in Australia, has sparked a fresh debate over the wisdom of throwing more money at local car makers.

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Ford To Shutter All Australian Auto Plants In 2016

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