June 5, 2018 / 2:03 AM / 5 months ago

Australia's May new vehicle sales dip 2.2 pct - VFACTS

SYDNEY, June 5 (Reuters) - Australian new vehicle sales dipped in May for the second straight month in a sign consumers are holding back on spending as they struggle with high mortgage debt and weak wage growth.

The Australian Federal Chamber of Automotive Industries’ VFACTS report on Tuesday showed 100,754 new vehicles were sold in May, down 2.1 percent on the same month of last year.

Consumer spending in Australia has been restrained by rising household debt and the cost of living with wage growth crawling near the slowest pace on record. That has proved a major headwind for economic growth.

Vehicle sales have climbed 2.1 percent in the year-to-date period, compared with the same period last year.

In May, the SUV segment was the only one that rose, up 8.4 percent from a year ago. Light commercial vehicles dipped 0.5 percent and passenger cars declined 15.6 percent.

Toyota Motor Corp retained first place on the sales ladder in May, expanding its market share to 18.7 percent. Mazda Motor Corp held second spot with 9.9 percent followed by Hyundai Motor, which boosted its share to 8.3 percent.

Mitsubishi stuck at fourth position with a 7.1 percent share and Ford held its market share in fifth place with 6.1 percent. The Holden unit of General Motors took a small 5.3 percent in sixth place. (Reporting by Swati Pandey; Editing by Sam Holmes)

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