Australian new motor vehicle sales – March 2010
Posted on 28 April 2010
ABS released new motor vehicle sales for March 2010 (here). Sales continue to rebound strongly from the very depressed levels of early 2009.
But remain below trend on a trailing 12 month basis.
While March is a seasonally strong month for new car sales, it does appear that sales are recovering towards their longer run trend (annualising the last quarter’s sales would suggest a run-rate of around 1 million). I’d expected more of a depressing effect from the ending of the government’s stimulus…
Next question then is – what is the sustainable growth rate from here on out? If we are to deleverage, 3.4% might be a bit of a stretch.
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