New car sales boom alongside population

Thursday 7 December 2023

The Federal Chamber of Automotive Industries (FCAI) has released new car sales data for November, which reported that 112,141 cars were sold over the month, up 17.9% from November 2022:

The next chart shows the strong growth in both SUV and commercial vehicle sales, which have come at the expense of passenger vehicles:

The boom in new car sales has been matched by a surge in new vehicle registrations, as the below chart from Justin Fabo shows:

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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.