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The Federated Chamber of Automotive Industries figures revealed that 86,878 vehicles were sold in February, an increase of 1.1% on February 2022. The trend in new car sales is also rising:
FCAI Chief Executive Tony Weber said “this is the best February result since 2019. It is particularly pleasing given global and domestic supply constraints”.
The consumer preference for larger vehicles has continued, with sales of SUVs (47,888) and Light Commercial vehicles (18,750) accounting for 81% of total vehicles sold:
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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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