GM Inside News Forum - View Single Post - Australian & New Zealand July 2008 Sales Results: Commodore Leads Market

**JoeT** · 08-05-2008, 09:03 AM

July VFACTS: Luxury Tax Stalls New Car Market

David Hassall
5 August 2008
www.goauto.com.au

Impending tax increase causes the Australian car market to stagger.

Luxury car importers endured an expected bloodbath in July as the controversial – and still to be confirmed – increase in the luxury car tax had a devastating affect on the new-vehicle market, causing sales to drop for only the second time in 19 months.

According to official VFACTS figures released today by the Federal Chamber of Automotive Industries (FCAI), sales of cars over the LCT threshold of $57,123 dropped by one-third in July compared with June.

While the tax increase will not be ratified by parliament until the end of this month at the earliest, the government has said it will be backdated to July 1, so customers were taking no risks and clearly pulled forward their purchases to June.

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08-05-2008, 09:03 AM	#2 (permalink)
JoeT GMI's Holden Moderator Join Date: Nov 2004 Location: Wollongong, Australia Drives: 2003 Holden Monaro CV8 Posts: 4,851	Re: Australian & New Zealand July 2008 Sales Results July VFACTS: Luxury Tax Stalls New Car Market David Hassall 5 August 2008 www.goauto.com.au Impending tax increase causes the Australian car market to stagger. Luxury car importers endured an expected bloodbath in July as the controversial – and still to be confirmed – increase in the luxury car tax had a devastating affect on the new-vehicle market, causing sales to drop for only the second time in 19 months. According to official VFACTS figures released today by the Federal Chamber of Automotive Industries (FCAI), sales of cars over the LCT threshold of $57,123 dropped by one-third in July compared with June. While the tax increase will not be ratified by parliament until the end of this month at the earliest, the government has said it will be backdated to July 1, so customers were taking no risks and clearly pulled forward their purchases to June. Click here to continue article Last edited by JoeT : 08-05-2008 at 09:24 AM.