New Vehicle Sales in Australia Reach Record in September image

New vehicle sales in Austria reached a 14-month high in September, a sign that customers’ confidence to spend on big ticket items has been restored.

Government figures show that sales have increased 14.4% in September compared with the same period last year. The SUV sales were up 4.2% to a record 27,818 units, passenger vehicle sales increased 6.5%, while sales of trucks and other vehicles saw a rise of 1.1%. The fact that new vehicles sales saw such an increase compared with sluggish retail sales, suggests that overall household spending is not as weak as it was believed.

“The confluence of falling real prices for new cars, courtesy of the high Australian Dollar, lower finance costs and consumers keen to spend outside of traditional retail areas is good news for car sales, especially for car importers,” said Commonwealth Bank economist Michael Workman.

According to the Australian Bureau of Statistics, Queensland recorded the highest increase with 6.8%, followed by the Australian Capital Territory with 6.7% and New South Wales with 4.7%, while Tasmania saw a decrease of 9.9%. The best performing automaker was Toyota accounting for 18.3% of the market, followed by Mazda, GM, Hyundai and Ford.