New car sales still weak

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By Leith van Onselen

The Australian Bureau of Statistics (ABS) has just released new motor vehicle sales for the month of April 2014, which registered no change seasonally adjusted change in the number of sales, but a 1.9% decrease over the year (see next table). The result followed third consecutive monthly declines in sales.

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Sales in April rose in four jurisdictions and fell in four.

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As shown in the below, overall new car sales peaked in the first quarter of 2013 and have since drifted downwards, with even sales of the once booming Sports Utility Vehicles (4WDs) slowing:

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Looking at the mainland states, you can see that new motor vehicle sales have been pulled-down by Victoria, Queensland and Western Australia, with New South Wales joining the fray only recently:

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unconventionaleconomist@hotmail.com

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.