Collapse in new car sales proof Aussie consumers are sick

Friday 4 October 2019

The Federal Chamber of Automotive Industries (FCAI) has released its new car sales figures for September, which revealed that new car sales have declined for 18 consecutive months, down 6.9% year-on-year and by 9.8% from the March 2018 peak:

FCAI has blamed “restrictive lending conditions” for the slump in new car sales:

According to Tony Weber, chief executive of the FCAI, new vehicles have now seen the eighteenth consecutive month of decreasing sales in the Australian market.

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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.