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New figures released by the Federal Chamber of Automotive Industries (FCAI) shows that new car sales continue to rebound strongly after plunging well below Global Financial Crisis lows late last year.
A total of 79,666 vehicles were sold in January 2021, up 11.1% year-on-year. The increase was driven by strong growth across SUVs (+17.4%) and Commercial vehicles (+23.3%), partly offset by ongoing heavy declines across passenger vehicles (-9.3%).
The next chart plots new car sales in rolling annual terms across segments and shows that sales have risen for three consecutive months after bottoming in October 2020:
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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.
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