The CPI figures for the March quarter were released today by the ABS, showing a next to nothing change of 0.1% in seasonally adjusted terms (0.4% in the original data, if you like that sort of thing). This means in annual terms the rise was 2.5% or smack bang right in the middle of the RBA’s 2-3% band.
OK First the long term view:
The shock result was that electricity prices increased by 15 per cent for the September quarter. Fruit and vegetables increased at 10 per cent over the quarter.
Each year the government increases income tax rates, and most people don’t notice. They do this through “bracket creep” where workers are moved into higher tax brackets due to inflation.