When things are bad, the first spending to suffer is discretionary purchases. Owners hold on to their vehicles longer, or simply put off their first buy Younger Australians do without a car altogether. Older Australians are being squeezed by low interest rates, and there is no sign of improvement. The industry body chief, FCAI’s Tony Weber, says “While the drought and other domestic conditions are impacting the market, our key concern is the effect over-regulation of the financial sector is having on new vehicle sales. The FCAI and our members have been concerned about the risk averse approach to lending in Australia for some time and see improved access to finance as a key to driving economic growth in 2020”

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