August car sales slump 12pc
Posted
There was a big drop in the number of new vehicles sold in August.
The Federal Chamber of Automotive Industries says 77,324 cars, trucks and buses were sold last month, down 12 per cent from the same time a year ago.
The Chamber's chief executive, Andrew McKellar, says the economic slowdown has had an impact on the demand for new cars.
"It's a reflection of the situation in the broader economy, the fact that demand is slowing," he said.
"I think that has been driven by past interest rate increases, by the volatility that we've seen in financial markets, by the general decline in business and consumer confidence, so we're seeing that now flowing through and being reflected in new car sales."
