The Federal Chamber of Automotive Industries (FCAI) has released new car sales data for June, with sales nationally down 9.7% from the same month last year:
The annual fall was broad-based, with PMVs (-21.0%), SUV’s (-2.3%) and commercial vehicles (-13.5%) all falling.
Commenting on the result, CEO of FCAI Tony Webber explained that global supply chain issues continue to restrict sales:
“Globally, car makers are continuing to suffer from plant shutdowns. In Europe we have component supply heavily impacted by the conflict in Ukraine. Microprocessors continue to be in short supply and global shipping remains unpredictable.”
“While demand for new cars remains strong in Australia, it is unlikely we will see supply chain issues resolve in the near future”…
Soaring interest rates and falling house prices should stifle new car demand going forward as households are forced to spend more of their disposable income on mortgage repayments and are less likely to tap their home equity.