New car sales boom alongside population


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:

New car sales

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

New car sales breakdown

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

Car registrations

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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.