The Australian motor vehicle market has set new half year and fiscal year records despite rising interest rates and fuel prices.

In the first six months of this year there were 542,695 new cars, trucks and buses sold, up 18,319 or 3.5 per cent on the same period in the record year of 2007.

Official VFACTS figures released by the Federal Chamber of Automotive Industries (FCAI) show the sales total for the 2007-08 fiscal year was 1,068,301, which was an increase of almost 65,000 vehicles over the previous financial year.

"The continued growth of the motor vehicle market so far this year is an encouraging result given current economic circumstances," said the chief executive of the Federal Chamber of Automotive Industries, Andrew McKellar.

“Business sales in particular have remained resilient in the face of interest rate rises, fuel price increases and general turbulence in world financial markets.”

Sales for the month of June were also a record at 106,541, an increase of 1444 or 1.4 per cent over the same month last year, and a record for any month in Australian motor vehicle sales history.

Mr McKellar said the FCAI forecasted the market would again exceed a million motor vehicle sales in the calendar year, having first passed that milestone last December with 1,049,982.

“While there are reasons to be cautious about the general market outlook in the second half of the year, the industry remains confident that total 2008 sales will once again top a million units,” he said.

The single largest contributor to sales growth so far this year has been the medium SUV segment, which has added 6662 sales or 18.5 per cent.

Small car segment sales have grown by 5410 sales or 4.6 per cent, while two-wheel drive pick-up/cab-chassis sales have grown by 4158 sales or 12 per cent.

Toyota remained market leader in June, selling 25,624 vehicles, which was a record for any brand in any month.

Toyota was also the top-selling marque in the first half of the year with 127,440 sales or 23.5 per cent of the market, followed by Holden with 67,123 (12.4 per cent) and Ford with 54,469 (10.0 per cent).

The most popular car year-to-date is Toyota’s Corolla with 24,415 sales, ahead of Holden Commodore with 23,323 and Toyota HiLux with 22,132.

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