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Australian new car sales have hovered above 1.2 million annually since late 2023, albeit having retraced from their June 2024 peak.
A new survey from Roy Morgan suggests that new car buying intentions have fallen to a five-year low as Australians cut spending amidst economic uncertainty.
Only 16%, or 3.8 million Australians aged 14+, intend to buy a new car in the next four years, down 4% points from a high of 20% in March 2023.
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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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