Australian Motor Vehicle Sales (May10) – back up to trend
Posted on 21 June 2010
New Motor Vehicle Sales for May released today by the ABS (here).
Sales of new vehicles have proven resilient having now recovered to their long term growth rate. Notably, the month of May was up 18% on the same month last year. For the last 12 months we have now officially passed back through the 1.0 million units sold.
Looking into the sustainability of the trend, looks suspiciously like the growth rate has peaked. This makes intuitive sense. Tightening credit conditions would suggest that the above trend growth rates of recent years will be hard to replicate. If we can sustain population growth around 2.5% per annum, then would expect the motor vehicle sales to gravitate to around this level perhaps?
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[...] been a few moons since we last looked at New Motor Vehicle Sales (here). The August data was released yesterday by the ABS [...]