It’s hard to see any headwinds for the economy when Australians are still buying new cars in the vast numbers that the ABS is reporting.
During January, the seasonally adjusted sales of new motor vehicles was 98,055. That’s a gain of 0.5% on December 2015.
But that gain saw the total vehicle sales for the 12 months to the end of January hit 1.16 million vehicles – a new record for any 12-month rolling period in the ABS series.
The data also shows that Australians are still in love with their SUVs. During January, the ABS data showed that there were 40,086 units sold in the “passenger vehicles” category and 37,116 units sold under the “sports utility vehicle” category.
That ratio of 0.9259 is an all-time high for the passenger to SUV category.
The Australian economy has plenty of headwinds but if this data tells us anything, it is that Australian households are yet to feel them.
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