New car sales hit four year high in May

Friday 4 June 2021

New car sales continue to bounce back hard recording the strongest May sales in four years following the seventh consecutive month of growth.

According to the Federal Chamber of Automotive Industries (FCAI), 100,809 new cars were sold in May, up 68% from May last year and also 9% higher than May 2019.

The next chart plots new car sales in rolling annual terms and shows the strong rebound since sales bottomed 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.