New car sales nose dived in July, with demand slowing following the end of financial year sales and government tax breaks on new cars for small business.
The Australian Federal Chamber of Automotive Industries reported new vehicle sales fell 10 percent in July from June.
Sales has surged 36 percent in June, when vehicle demand was high as dealers slashed their prices to mark the end of financial year, and the Federal Government lifted the tax break for small businesses buying new vehicles from 30 percent to 50 percent.
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