ACL Bearings (a division of Automotive Components Ltd., Australia) has still been unable to draw upon much-anticipated and much-needed funds from the Tasmanian Industry Support Scheme (TISS), for more than AU $4 million.

The 4-day workweeks which began in February will continue indefinitely. Management has taken a 16% pay cut.

article: ACL on four-day weeks
Founded in 1949, ACL is Australia's only thinwall engine bearing manufacturer, and also produces some other powder metal components. ACL is the sole engine bearing supplier to Ford, Holden, and Toyota in Australia, and holds a major portion of the aftermarket. But it is not completely dependent upon the Australian market; over half the company's engine bearings are exported.

ACL owes $3 million to GE Finance, which is pulling out of the Australian market. But the government's promised funding has yet to materialize.

Treasurer Michel Aird talked circles around the issue, saying: "There are some conditions which apply to that and we will now go into the process of dealing with those conditions. But the $4 million is absolutely committed -- subject to those conditions being met."

The conditions Mr. Aird was referring to were not clear, but reportedly include requiring ACL management to sign personal guarantees covering the funds.

Aid to troubled manufacturers, ACL included, has been promised by state and local officials, but TISS in particular has come under fire for political foot-dragging and overly restrictive policies which have left deserving companies unable to obtain the promised funding.