New motor sales fading
After a strong run, new motor vehicle sales appear to be softening at the national level.
The seasonally adjusted result of 97,636 units sold in January was some way below the record high set in March 2016.
Annualised sales of 1.18 million are still tracking at just about the highest level on record, give or take a few Acadias.
Indeed, while on the subject of sports utilities, the SUV accounted for a record high 37.6 per cent of new units sold over the year to January 2017.
At the state level, New South Wales and Victoria are still breaking records, with Victoria in particular seeing its seasonally adjusted sales for January comfortably eclipsing all previous results, reflecting record high population growth in Melbourne.
On the other hand new vehicle sales in the resources exporting states are fading, with the trend in decline in South Australia, Western Australia, Queensland, and the Northern Territory, in turn sending the national result marginally negative.
The automotive production figures aren't yet in for the month of January, but with domestic production lines being halted we can rest assured that the 2017 numbers will be diabolical.