The Australian Bureau of Statistics (ABS) has released new motor vehicle sales for the month of November, which registered no growth in seasonally-adjusted terms over the month but a 9.7% increase over the year:
The upwards trend in new car sales continues to be driven by strong growth in sales of Special Utility Vehicles or SUVs (4WDs) and ‘other’ vehicles, although passenger motor vehicles (PMVs) have also surged recently:
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Moreover, the trend is up in all mainland states, except South Australia:
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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.
