The jobs data might have been a disappointing miss today but the release of new motor vehicles sales today shows that the economy is still in relatively robust health.
The Australian Bureau of Statistics reported that for the first time, Australians bought more than 100,000 new vehicles in a month.
The print of 100,372 new vehicles for September in seasonally adjusted terms was up more than 5% on the result in August.
Looking at the break-up, both “passenger vehicles” and “SUVs” rose strongly during September. But it’s also clear that Australia’s love affair with Landcruisers, Pajeros, Hiluxs and other SUVs continues with the ratio of these types of vehicles to passenger vehicle sales holding at last month’s record high of 85%. Just two or three years ago this ratio was around 60% or lower.
You can never make too much out of one data point like new vehicle sales but the fact that the rolling 12-month sales of 1,143,562 is just around 2,000 shy of the all-time high reached in 2013 suggests the economy is doing okay.
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