Prime Minister Kevin Rudd says Labor is committing a further half a billion dollars in the car industry between now and 2020.
Mr Rudd has also thanked Holden employees in Adelaide for their decision to take a three year pay freeze to try to keep the plant open.
He says the industry will get the ALP's full support.
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"Starting from 2016 is that we will invest a further half a billion dollars into this car industry of Australia," Mr Rudd said.
"Furthermore on top of that, once we get to the year 2020, we are sayiong to the industry that on an average annual of 300 million dollars a year we are going to be with the industry indefinitely into the future."
Meanwhile, Opposition leader Tony Abbott says while the Coalition strongly supports the car industry, it won't match Labor's funding offer.
"What we are not going to do is suddenly tip in billions more in a panicked reaction to bad polls in the heat of an election campaign," Mr Abbott said.
