Australians bought 92,410 new motor vehicles, on a seasonally adjusted basis in May, according to the Australian Bureau of Statistics which is a rise of 257 or 0.3% on April’s sales.
The growth was driven by SUVs which rose 3.4%, while the “other” category was also up 1.8%. Passenger vehicle sales, on the other hand, continue to decline, as you can see in the chart below, falling 2% month for the month.
There are no real implications for the Aussie dollar or monetary policy, however the overall trend in new motor vehicles sales is an important partial indicator to keep an eye on in the months ahead.
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