Australia’s lasting love affair with new cars appears to have ended with today’s ABS car sales data showing a fall of 0.7% in seasonally adjusted terms.
In October, seasonally adjusted passenger vehicle sales actually rose 0.5% to 47,343 units while SUV sales fell 2.7% to 26,942 units and sales in the “other” category fell 0.8% to 18,924 units.
All up, total vehicle sales fell 0.7% to 93,209.
This is the 11th month in a row that the trend (-0.2% in October) in new vehicle sales has fallen.
Importantly, data shows that monthly sales were clearly falling before changes to the FBT rules were introduced by the previous government.
So while the car industry and the current Government will hope for a lift from with the reversal of Labor’s FBT changes – and they may get a one-off boost in passenger vehicle sales this month – the reality seems to be that Australia’s love affair with buying new cars is fading.