Car sales dive 20pc
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New car sales have had their biggest annual decline in more than 20 years as consumers steer clear of big ticket items.
Figures from the Federal Chamber of Automotive Industries show just under 72,000 vehicles were sold in November.
That is down 20 per cent compared to the same time last year.
The chamber's chief executive Andrew McKellar says the sharp drop in sales justifies the recent interest rate cuts.
"This is obviously a measure of a fairly sharp downturn in demand and that reflects the extent of the global financial crisis that we're currently working through," he said.
Mr McKellar says the downturn reflects heightened consumer caution about big ticket items.
"One of the consequences we will see is that over the next month or so there will be many very good bargains around, as brands seek to reduce stock level and respond to the lower level of demand that is out there in the market place," he said.
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