Rather than cut funding - as it promised to do when in Opposition - it is preparing to offer Holden an early Christmas present: an undisclosed amount of money it has not even asked for.

Less than a week after demanding Holden almost double its future exports in return for one final instalment of taxpayer funding some time next year, the office of the Federal Industry Minister Ian Macfarlane has confirmed to News Corp that Holden has not asked for a cash injection by the end of this year.

When asked late Monday if Holden had asked for money before Christmas, a representative for Mr Macfarlane said: "No, not that I'm aware of." Mr Macfarlane had been quoted in the business media as saying he planned to give Holden a "blood transfusion" of taxpayer funds before the end of December.

But even before negotiations with the new Federal Government began, Holden has only ever campaigned for continued assistance from 2016 to 2022, the production cycle for its two new models.

The funding for the cars Holden will build between now and 2016 has already been locked in, approved and allocated under the previous Labor Government.

Holden was pledged $275 million from State and Federal Governments in March 2012 to build two cars from 2016 to 2022 - but has asked for more because it says market conditions have changed since the deal was signed.

As reported by News Corp last week, Mr Macfarlane hopes to have an interim Productivity Commission report into the car manufacturing industry completed within three months, with a more detailed analysis to follow.

A statement from Mr Macfarlane's office to News Corp said: "The Coalition is serious about putting the Australian car industry on a sustainable footing, which is why the Government is commissioning a Productivity Commission report into the industry.

"I'd like to see an interim Productivity Commission report by Christmas, ahead of the full report by March/April next year, and if that interim report points to a viable future for the car industry in Australia, then the Government will consider a short-term funding injection through until June 30."

Mr Macfarlane said the funding would likely come from surplus funds in the Automotive Transformation Scheme, mirroring the solution first floated by the former Federal Industry Minister Kim Carr under the Labor Government.

The ATS funding - which, in layman's terms allocates taxpayer dollars to car makers based on their local vehicle production output - is underspent because the agreement was drafted in 2009, when production was higher than it is today. When in Opposition the Coalition vowed to slash $500 million from car manufacturing industry assistance.

But after last week's two-hour Holden factory visit followed by a two-hour meeting behind closed doors with the company boss Mike Devereux, Mr Macfarlane appears to have eased his demands.

He told the business press: "There's money there," he said. "The Labor Party's added money through to 2020, which we haven't touched and I'm not going to touch - that's all there for keeps."

"It's in the forward estimates, it's been through the budgetary process, it's been legislated, there's at least $1 billion. The more, the better, as far as I am concerned, because I don't want the industry to close down, I want them to keep going."

This reporter is on Twitter: @JoshuaDowling