A proposed increase in Australia’s luxury-car tax is to blame for a 2.7% decline in new-vehicle sales to 83,976 units in July. The new Labor government is in the process of raising the levy on cars costing more than A$57,123 ($52,351) to 33% from 25%. The legislation, now tied up in Senate hearings, is to be backdated to July 1. The July result was only the second time in the last 19 months the Australian market has not seen a year-on-year sales increase. “The proposed tax hike has ...
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