Consumer panic as new car sales plunge to 7-year lows

Advertisement

The Federal Chamber of Automotive Industries (FCAI) has released its new car sales figures for July, which revealed a 2.8% year-on-year decline in overall car sales, with annual sales hitting the lowest level since November 2012:

According to the media release:

Sales of new vehicles in Australia fell for the 16th successive month in July, relative to the same month in the preceding year…

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
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.