SUVs defy new car sales bust

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This week’s new car sales figures for 2019 from the Federal Chamber of Automotive Industries (FCAI) reported a disastrous 7.8% annual decline in sales compared to the 2018 calendar year, with annual sales also 11.5% lower than their March 2018 peak:

In fact, the last time annual new car sales were at this level was June 2012.

However, while overall sales have collapsed, sales of sports utility vehicles (SUVs) have largely bucked the trend, with annual sales falling only 2.7% in 2019.

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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.