Advertisement
The Federal Chamber of Automotive Industries (FCAI) has released its new car sales figures for August, which revealed a massive 10.1% year-on-year decline in overall car sales, with annual sales hitting the lowest level since October 2012:
From The AFR:
New vehicle sales in Australia plunged by 10.1 per cent in August as buyers struggled to obtain finance for cars, extending an industry-wide malaise which has gripped the sector for 17 consecutive months.
The full text of this article is available to MacroBusiness subscribers
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.