New car sales obliterated

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The Federal Chamber of Automotive Industries (FCAI) has released its new car sales report for February, which saw annual car sales collapse to their lowest level since April 2012, driven by crashing passenger motor vehicle (PMV) sales:

It was the 24th consecutive month of decline, with annual new car sales now running 14.4% below their March 2018 peak.

According to FCAI:

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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.