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Car sales boost NSW economy

A rise in first home owner grants along with skyrocketing motor vehicle sales has helped to boost the NSW economy, according to state Treasurer Eric Roozendaal.

The latest ABS figures released on Monday, reveal motor vehicle sales raced to their highest level in 17 months, with a total of 85,943 vehicles sold across the country in November. 

Roozendaal said the figures were proof that NSW was on road to economic recovery.

‘This is good news for the motor industry, good news for the economy and good news for the people of NSW,” he said.

“It is yet another strong indication NSW is well on the way to economic recovery and, in fact, the NSW budget will return to surplus next year – one year earlier than forecast,” he added.

Small Business Minister Craig Emerson said the increase in car sales was being fuelled by small businesses taking advantage of the Federal Government’s 50 percent investment allowance, due to be phased out at the end of December.