Price indexes and inflation
Consumer Price Index, Australia
The Consumer Price Index (CPI) rose 1.2% this quarter.
The most significant price rises were Automotive fuel (+7.2%), Rents (+2.2%), New dwelling purchase by owner-occupiers (+1.3%) and Electricity (+4.2%).
Over the twelve months to the September 2023 quarter, the CPI rose 5.4%.
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.
Selected Living Cost Indexes, Australia
- All five Living Cost Indexes (LCIs) rose between 0.5% and 2.0% in the September 2023 quarter.
- Over the twelve months to the September 2023 quarter, all LCIs rose between 5.3% and 9.0%.
- Insurance and financial services and Transport were the main contributors to the quarterly rises.
- Employee households recorded the strongest quarterly and annual rises due to increases in Mortgage interest charges.
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.
Wage Price Index, Australia
- In September quarter 2023, the seasonally adjusted WPI rose 1.3% for the quarter and 4.0% over the year.
- The quarterly rise in the private sector was 1.4% and the public sector rose 0.9%, seasonally adjusted.
The industry with the most significant contribution to wage growth was Health care and social assistance (3.1%).