Aussie economy deflates at fastest pace on record

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As expected, Australia’s Consumer Price Index (CPI) slumped by 1.9% in the June quarter – the largest quarterly fall in the 72 year history of the CPI:

Over the year, CPI fell by 0.3%:

Looking at the major components, you can see that quarterly fall in CPI was broad-based, with the exception of food and alcohol and tobacco:

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.