The Australian Bureau of Statistics has just released the latest batch of New Motor Vehicle Sales data which suggests a slowdown in the domestic economy.
It found 91,391 new motor vehicles were sold in August in seasonally adjusted terms which is down 1.8% when compared with July 2014.
Looking at the breakdown, passenger cars were down 1.8% but SUV’s fell a rather larger 3.7% over the month. The ABS said that over the same period, sales of “other” vehicles increased by 1.4%.
Motor vehicle sales have been falling since the peak for many months now and this data is simply confirmation that Australians are being more circumspect than they had been a year back.
It’s not terrible data by any stretch but it does fit the emerging narrative of continued consumer caution.