New car sales launch into new year

The Federated Chamber of Automotive Industries figures revealed that 84,873 vehicles were sold in January, an increase of 11.9% on January 2022. The trend in new car sales is also rising:

FCAI Chief Executive Tony Weber said “this data is the best January result since 2018 and shows that the industry is continuing to recover following years of supply chain disruption and delay”.

The consumer preference for larger vehicles has continued, with sales of SUVs (46,698) and Light Commercial vehicles (18,546) accounting for 76.9% of total vehicles sold:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.