Is tightened credit behind the crash in new car sales?

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Earlier this month, the Federal Chamber of Automotive Industries reported that annual new car sale had hit the lowest level since November 2012:

Today, The AFR blames part of this decline on tightening automotive credit:

In a post-royal commission world, where the banks are struggling to come to grips with what “responsible” lending really means, every dollar of income and every expense can be tested and prodded…

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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.