The Australian Bureau of Statistics (ABS) has released new motor vehicle sales for the month of August, which registered a seasonally-adjusted 3.6% rise over the month, with gains in all states and territories except for Tasmania, and a 6.4% increase over the year:
At 93,379 sales for the month, it was the highest monthly result on record, exceeding the previous best of 92,300 achieved in April 2010.
The upwards trend in new car sales has been driven by strong growth in sales of Special Utility Vehicles or SUVs (4WDs):
Moreover, the trend is up in all mainland states, except South Australia:
Twitter: Leith van Onselen. Leith is the Chief Economist of Macro Investor, Australia’s independent investment newsletter covering trades, stocks, property and yield. Click for a free 21 day trial.
