New car sales boom as tax write-off ends

Friday 7 July 2023

The federal Chamber of Automotive Industries (FCAI) released new car sales data for June, which recorded the strongest monthly sales since June 2018 with 124,926 vehicles sold.

Sales increased by 25% on a year ago and 8.2% in the first half of 2023:

As illustrated below, sales of SUVs are booming at the expense of passenger motor vehicles (PMVs):

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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.