New car sales economy's 'shining light'

NEW car sales remain a shining light of the Australian economy, despite falling last month.

New car sales in July fell 3.5 per cent from June to 93,797, but were up three per cent over the past 12 months, the Australian Bureau of Statistics said on Monday.

CommSec economist Savanth Sebastian downplayed the fall.

"If you look at the broader picture, over the past 12 months we've sold a record 1.14 million cars," Mr Sebastian said.

"The car industry has certainly been benefiting from consumers updating their rides.

"That spending has probably come down to cheaper vehicles and the strength of the currency allowing the automakers to discount a little bit deeper than they normally would.

"Perhaps there's a bit of modest consolidation for the sector but certainly, it's one of the shining lights of the Australian economy."

Mr Sebastian said four-wheel drives and SUVs seemed to be the big driver of new car sales, accounting for a record 36.1 per cent of all sales over the past 12 months.

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