New car sales continue to rebound

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The Federal Chamber of Automotive Industries (FCAI) has released new car sales data for February, which continue to rebound from their October 2020 low.

Just under 84,000 new cars were sold in Australia in February, up 5.0% on February 2020. This rebound was driven by sales of SUVs (+8.5%) and Commercial Vehicles (+22.8%), which offset ongoing weak Passenger Vehicle sales (-15.3%).

The next chart, which plots new car sales on a rolling annual basis shows that sales have rebounded 3.8% from their October 2020 low. However, they remain 22.7% lower than their February 2018 peak:

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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.