Price indexes and inflation
Consumer Price Index, Australia
The Consumer Price Index (CPI) rose 0.8% this quarter.
Over the twelve months to the June 2023 quarter, the CPI rose 6.0%.
The most significant price rises were Rents (+2.5%), International holiday travel and accommodation (+6.2%), Other financial services (+2.5%), and New dwelling purchase by owner-occupiers (+1.0%).
Wage Price Index, Australia
- In June quarter 2023, the seasonally adjusted WPI rose 0.8% for the quarter and 3.6% over the year.
- The private sector rose 0.8% and the public sector rose 0.7%.
- The industries with the most significant contributions to wage growth were Construction (1.3%) and Professional, scientific and technical services (0.7%).
Monthly Consumer Price Index Indicator
The monthly CPI indicator rose 5.2% in the twelve months to August.
The most significant price rises were Housing (+6.6%), Transport (+7.4%), Food and non-alcoholic beverages (+4.4%) and Insurance and financial services (+8.8%).
Total Value of Dwellings
- The total value of residential dwellings in Australia rose by $325.0 billion to $10,090.6 billion this quarter.
- The number of residential dwellings rose by 52,200 to 11,055,800 this quarter.
- The mean price of residential dwellings rose by $25,200 to $912,700 this quarter.
Selected Living Cost Indexes, Australia
- All five Living Cost Indexes (LCIs) rose between 0.8% to 1.5% in the June 2023 quarter.
- Over the twelve months to the June 2023 quarter, all LCIs rose by between 6.3% and 9.6%.
- Insurance and financial services, Food and non-alcoholic beverages, and Housing were the main contributors to the quarterly rises.
- Employee households recorded the strongest quarterly and annual rises due to increases in Mortgage interest charges.
Residential Property Price Indexes: Eight Capital Cities
The weighted average of the eight capital cities Residential Property Price Index:
- rose 4.7% this quarter.
- rose 23.7% over the last twelve months.
The total value of residential dwellings in Australia rose $512.6b to $9,901.6b this quarter, and the mean price of residential dwellings rose $44,000 to $920,100.