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COMMENTARY


IMPORT PRICE INDEX

The Import Price Index rose 0.9% in the December quarter 2014. Over the quarter, depreciation in the value of the Australian dollar had a considerable upward impact on the prices paid for all of Australia’s major imported products. The rise in the Import Price Index was driven mainly by rises in the prices paid for office machines and automatic data–processing machines (+5.9%); miscellaneous manufactured articles, n.e.s. (+6.1%); general industrial machinery and equipment, ne.s., and machine parts, n.e.s. (+3.4%); telecommunications and sound–recording and reproducing apparatus and equipment (+4.4%); articles of apparel and clothing accessories (+5.1%); road vehicles (including air–cushion vehicles) (+1.2%); manufactures of metals, n.e.s. (+4.6%); power–generating machinery and equipment (+6.8%); electrical machinery, apparatus and appliances, n.e.s., and electrical parts thereof (including non–electrical counterparts, n.e.s., of electrical household–type equipment) (+2.7%); other transport equipment (+9.6%); furniture and parts thereof; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings (+7.7%); coffee, tea, cocoa, spices and manufactures thereof (+13.2%) and professional, scientific and controlling instruments and apparatus, n.e.s. (+4.0%). Partly offsetting these rises were falls in the prices paid for petroleum, petroleum products and related materials (–12.4%).

Through the year to the December quarter 2014, the Import Price Index rose 0.3%. The rise was driven mainly by rises in the prices paid for furniture and parts thereof; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings (+10.2%), fertilisers (other than those of group 272) (+17.8%); footwear (+8.3%); travel goods, handbags and similar containers (+8.3%) and feeding stuff for animals (not including unmilled cereals) (+10.7%). Partly offsetting these through the year rises were falls in the price paid for petroleum, petroleum products and related materials (–16.5%) and general industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (–2.3%).


Major Import Products

Australia's major import products based on contribution are;

• Petroleum, petroleum products and related materials (SITC 33) (–12.4%)
• Road vehicles (including air-cushion vehicles) (SITC 78) (+1.2%)
• General industrial machinery and equipment, n.e.s., and machine parts, n.e.s. (SITC 74) (+3.4%)
• Electrical machinery, etc. and parts thereof (SITC 77) (+2.7%)
• Telecommunications, sound-recording, reproducing apparatus and equipment (SITC 76) (+4.4%)

• Metalliferous ores and metal scrap (SITC 28) (–5.3%)
• Coal, coke and briquettes (SITC 32) (+3.8%)
• Gas, natural and manufactured (SITC 34) (+7.2%)
• Gold, non-monetary (excluding gold ores and concentrates) (SITC 97) (+1.2%)
• Petroleum, petroleum products and related materials (SITC 33) (–15.5 %)