Australian New Motor Vehicle Sales Decline In July

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Sale of new vehicles in Australia decreased 10.3% year-on-year in July, the Federal Chamber of Automotive Industries or FCAI said Wednesday. However, the report pointed out that business sales remained strong and there were improvements in the small car, sports cars and SUV segments.

Sales of small cars increased 2.7% year-on-year in July, while those of sports cars increased 10.3%. Sales in the SUV medium segment were up 2.4% and the SUV luxury segment increased 7.2%.

"There is evidence that there has been some flow-on from the very strong June sales result, particularly from buyers accessing the business tax break on new investments," FCAI Chief Executive Andrew McKellar said.

"This has been a very successful stimulus measure and small businesses remain eligible for a 50% tax break until the end of the year," McKellar added.

Year-to-date, 530,556 new vehicles were sold, which is 15.3% lower than in the same period last year.

(Market News Provided by RTTNews)