In 1969, Leyland Australia was given the go-ahead to build a large car for Australia. At the time of the car's launch, it was reported that Leyland Australia had an accumulated deficit equivalent to £8.6 million, and had borrowed the same amount again in order to fund the development of the P76. The P76 was designed and built from scratch with a fund of only A$20m. This was also a decade of serious financial and operational challenges for the parent company back in Britain. Commercial success for this car was therefore seen as crucial to the survival of Leyland in Australia.