SYDNEY, AUSTRALIA - Sales of new motor vehicles in Australia slid 5.2% in November, the Australian Bureau of Statistics said on Monday, the fifth straight month of falls and further confirmation of the weakness of consumption.

In November, 75,592 vehicles were sold on a seasonally adjusted basis, down from 79,778 in October and the lowest result since April, 2003. Sales were down a steep 17.8% from the same month a year earlier.

In trend terms, sales fell 1.8% on the previous month.

The ABS report confirmed weakness already seen in industry figures released earlier this month. They showed vehicle sales slumped 8.9% compared to October, and by 22% on November last year.

Auto sales have taken a beating in recent months as slumping household wealth curbed consumer demand, while businesses were discouraged by the risk of global recession.

At the same time, a slide in the local dollar has lifted the cots of imported vehicles, while a gloal credit squeeze has made it harder to find finance for car purchases.

Two of the largest providers of finance to car dealers are pulling out of the country entirely, leading the government to offer assistance for bank lending to fill the resulting hole.