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The Federal Chamber of Automotive Industries (FCAI) has released its new car sales report for January, which saw annual car sales collapse to their lowest level since mid-2012, driven by crashing passenger motor vehicle (PMV) sales:
Annual new car sales are now running 12.4% below their March 2018 peak.
The shift in composition is also staggering. PMV sales have collapsed 43% from a decade ago, whereas sports utility vehicles (SUVs) have surged by 151% over the same period.
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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.