Well, announcement by Ford that they are exiting vehicle manufacture certainly has been front and centre of commentary today! I think the best I can do on that is link to a couple of papers and posts to consider.
Gene Tunny at Queensland Economy Watch has previously published on the car industry in a widely cited paper: http://www.cis.org.au/images/stories/policy-magazine/2011-spring/27-3-11-gene-tunny.pdf
Nicholas Gruen has also posted on this last year: http://clubtroppo.com.au/2012/01/12/back-to-picking-losers-the-current-woes-of-the-car-industry/
Gruen was previously advisor to diminutive Industry Minister John Button in the Hawke Gummint in an era when industry policies particularly for the car industry were front and centre!
My recollection of the 1991 recession which hit hardest in Victoria, and particularly Geelong, was that it induced interstate migration to Queensland. Could it happen again?