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The Federal Chamber of Automotive Industries (FCAI) has released its new car sales report for June, which saw annual car sales collapse to their lowest level since January 2010:
It was the 26th consecutive month of decline, with annual new car sales now running 21% below their March 2018 peak.
That said, new car sales did experience a season bounce in June, reflecting EOFY campaigns, fiscal incentives, and pent-up demand following COVID-19 restrictions:
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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.