21 December 2004
Motor Vehicle Sales Keep Moving Ahead
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Clare Martin MLA
Chief Minister and Acting Treasurer
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Territory motor vehicle sales continue to strengthen, with the latest ABS data recording a 12% increase in sales in the year to November, Chief Minister and Acting Treasurer Clare Martin said today.
“This is the second highest rate of growth of any jurisdiction behind Queensland and a further sign that the Territory is moving ahead,” Ms Martin said.
“In the 12 months to November 2004, there were 8814 vehicles sold in the Territory, compared to 7862 in the year to November 2003.
“Along with continuing growth in retail trade and the construction sector, increased activity in the car market reflects our strengthening onshore economy and greater consumer confidence.
“In the year to November, sales to rental companies alone were up by 25.9%, also providing evidence of the recovery in tourism-related activity that has been occurring throughout the year.
“While we recognise that motor vehicle sales are coming off a low base, the continuing growth suggests the market is well on the way to recovery. Sales are now 31% higher than their lowest point in April 2001.
“The fact that Territorians are spending – on retail products, new motor vehicles and new properties – shows that there is growing confidence in the economy.”