New car sales up strongly in July despite lockdowns

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New car sales continued to rise in July despite widespread lockdowns across Australia.

According to the Federal Chamber of Automotive Industries (FCAI), 84,161 new cars were sold in July, up only 16.1% from July last year and slightly above July 2019.

The next chart plots new car sales in rolling annual terms and shows the strong rebound after sales bottomed in October 2020:

New car sales

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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.