- Analytics
- News and Tools
- Market News
- Australian car sales slump again in September - FCA
Australian car sales slump again in September - FCA
New car sales in Australia fell for the 18th consecutive month in September, suggesting back-to-back interest rate cuts in June and July had failed to lift consumer spending as banks contain their lending.
Data released by the Federal Chamber of Automotive Industries (FCAI) on Thursday showed total sales for September skidded nearly 7% to 88,181 vehicles from a year earlier. For January-September were down about 8% from the same period in 2018.
The weak data will disappoint the Reserve Bank of Australia (RBA), which cut interest rates for a third time this year on Tuesday to a record low of 0.75% in an effort to revive employment growth, consumer spending and inflation.
In a statement, FCAI chief executive Tony Weber said slower car sales are “in line with the broader economic environment in Australia” while also noting stringent lending standards as a factor.
“Of particular concern to the industry is the restrictive regulatory lending conditions currently facing consumers,” he said.
Weber also said sales figures raise the question of whether “we have made it too difficult for people to finance basic purchases”.
Annual loan growth in Australia fell to an eight-year low of 2.9% in August and total credit card debt was the lowest level in nine years.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
