Today, VFACTs new vehicle sales figures for the month of April have been released, showing the lowest monthly new car sales results in 26 years. A total of 38,926 cars were sold, representing a fall of 48.5 per cent over the same period last year and the biggest monthly contraction since new car sales figures were first recorded in 1991.
The AADA continues to urge Government that stimulus measures should be extended to Dealers currently excluded by turnover and employee thresholds. The Secretariat has been working closely with the AMDC to develop a number of measures to assist the automotive industry in its recovery.
These measures include:
- Extending the Instant Asset Write-Off:
Extend the instant asset write-off by a further six months and remove the car limit of $57,581.
- Fleet Renewal Scheme:
Provide a stimulus for the automotive industry and assist in making Australia’s passenger vehicle fleet safer, while also reducing emissions.
- Freeing Up Car Finance:
Address the tightening of credit brought on by the royal commission and compounded by the COVID-19 crisis.
- Automotive Taxation Reform:
Abolish or reform various taxes applied on cars at the federal and state levels, including Import tariffs, the Luxury Car Tax, state stamp duties and registration fees.
- Reform Automotive Industry Franchising:
Reform the laws surrounding Dealer Franchise Agreements to rectify the imbalance in power that exists between OEMs and Dealers.
The AADA will be engaging with the Government to address all of the issues mentioned above and assist our members during these challenging times.