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ABS announces changes to the CPI
The Australian Bureau of Statistics today announced the outcome from a comprehensive review of the Consumer Price Index (CPI).
"The ABS has decided to make a number of important changes to the CPI", said Brian Pink, Australian Statistician. "This has been a highly transparent review with the ABS taking into account views from a broad cross section of the community".
"My thanks go to all those who participated in a review that will help shape the CPI for the future," Mr Pink said. "In particular, I would like to thank the members of the CPI Review advisory group, chaired by Prof. Kevin Fox of the University of New South Wales."
This was the first major review of the CPI in over a decade. "The openness of this review facilitated a lively discussion about the concepts, methods and data sources that make up the CPI. This ensured that we had a comprehensive understanding of the needs of the community before we made important decisions on a main economic indicator", Mr Pink said.
Key outcomes from the review include:
Implementation of other key outcomes would involve additional costs and appropriate funding is required before they can be progressed. These include:
Further decisions are detailed in the Information Paper: Outcome of the 16th series Australian Consumer Price Index (CPI) review (cat. no. 6469.0).
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