Our take on the latest Commercial registrations and activity (Fri 10 Jun 2022)
RUCs totalled 2.1m km, the largest monthly total on record
New medium commercial registrations up 46%pa
New light commercial registrations down 46%pa
The key numbers...
- New light commercial registrations were weak again in May, totalling 2,134, a 46% fall from May last year.
- New medium commercials continued the strong growth of the last 18 months, up by 46%pa in May, bringing the annual total to a record high of 2,754 registrations.
- Registrations of new heavy commercial vehicles were up 13%pa in May, totalling 215 registrations.
- Purchases of road user charges hit an all-time high in May, with 2.1m kilometres purchased, up 56%pa. Total kilometres purchased in the last 12 months now sits at 16.3m. Despite the strong growth of units purchased, the government’s temporary RUC reduction policy means revenue continued to decline, down 13%pa in May.
- The exaggerated gap between the revenue decline and growth in kilometres purchased appears to be a result of a lot more RUC purchasing across lighter vehicle classes.
RUC reduction encourages more road use
Annual running total, kms
...and our reaction
- Monthly light commercial registration numbers rebounded slightly from their record low in April. Suspicions that the introduction of fees on the light commercial class in April, as part of the Clean Car Discount, had brought forward purchasing decisions has been confirmed. We expect registrations for this class to remain soft for a few more months yet.
- Growth in the medium and very heavy classes continued, with a strong pipeline of construction activity generating high demand for these vehicles. Medium vehicles were strongly sought after in the last year, with annual registrations topping 2,700 for the first time.
- The government’s RUC reduction policy is boosting the quantity of units purchased, with RUCs hitting a record high in April and repeating the feat in May. Light and medium RUCs experienced the strongest growth, up 64% and 35%pa respectively. The lower cost provides less incentive to limit road use, and with the measures being temporary, maybe RUC purchasers are trying to make the most of it.
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