The loss of Holden's local manufacturing operations is a watershed event for an Australian economy that must
commit itself to innovative, high-tech industries, Liberal frontbencher Malcolm Turnbull says.
The senior government minister says Australia has to realise its future is not in "large scale, very low cost manufacturing" where it can't compete.
"Emotionally this is a big watershed event," Mr Turnbull told Sky News on Sunday.
"This should be seen as a wake-up call, a reminder that we must recommit ourselves to an economy that is based on innovation and technology, and that is globally competitive."
After 65 years of making cars in Australia, Holden announced last week that it will close its manufacturing operations in 2017.
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