Petrol drives cost of living increase

The ABS today released its Cost of Living Indices for the March quarter, which rose moderately on the back of rising petrol prices.

However, the overall increase in the cost of living remained below the rise in the Consumer Price Index (CPI):

In the March 2021 quarter, all five living cost indexes rose:

  • Transport was the main contributor for three out of the five population sub-groups. Price rises in automotive fuel are due to a recovery in oil consumption resulting in higher world oil prices.
  • Health also contributed to the rise, increasing across all population sub-groups. The re-setting of the Pharmaceutical Benefits Scheme (PBS) and Medicare safety net on 1 January increased the cost of prescription pharmaceutical products and medical and hospital services.

Full report here.

Unconventional Economist

Comments

  1. MathiasMEMBER

    My mates getting his van converted over to Electric.
    He can basically drop a solar panel on his roof and he’s got free power to drive around Australia and live in his van.
    https://www.youtube.com/watch?v=pcj2lQwH7N4

    Its still pretty costly in Australia but apparently he’s worked it all out and still comes out cheaper then paying petrol.

    Capitalism and Free Markets are awesome… but when everything becomes a great big protection racquet to hold prices up, then you gotta wonder sometimes.

  2. I suspect that story still has a way to run through 2021/22, what with crude at $60, demand just shy of pre-COVID levels all the while global aviation is still on its knees champing at the bit to get a re-boot

  3. Niall de Santos

    I regard the ABS statistics with suspicion. How can the CPI on “Housing” be 0.1%?

    • Mining BoganMEMBER

      That’s the amount of Australians who can actually afford the house they’re in.

      • The Traveling Wilbur

        +1. That’s representing the one Kiwi living in Australia who can afford the house they’re living in. 😉

        But +Many for your comment. Very droll Sir.

    • MathiasMEMBER

      > I regard the ABS statistics with suspicion

      I find them suspicious too. Things arent always as they seem.

    • kannigetMEMBER

      its because they only count the interest component of purchases and the rent paid. So when you drop interest rates you see a drop in CPI as its a large expense… it also reduces over time as people pay their mortages off…

  4. MathiasMEMBER

    Veggie gardens will KILL YOU – oh noes… fire up the panic ha ha.
    https://www.news.com.au/lifestyle/food/food-warnings/more-than-onethird-of-australian-backyard-vegetable-gardens-could-be-toxic-according-to-new-study/news-story/272fe3c3a5a6f53bce06d2bfdfc75fe6

    We must be getting desperate. We cant allow you to be independent and think for yourself, we must be in control of you.

    Yeah. Sydney might be toxic because back in the 1940s the BHP dumped a whole lot of slag and toxic arsenic. This stuff does really bad things to the human body. Its why, you know, you dont dump Toxic Arsenic and Nuclear Contaminents everywhere? But Im sure someone back in the 1940s made a load of cash… and many people have contracted cancer and died over the next 80 years… but that guy made money, so thats all that matters in Sydney. Its why its a sh*thole.

    https://www.newcastleherald.com.au/story/6431601/toxic-tide-exposed-bhp-waste-poses-new-threat-to-stockton-foreshore/

    Veggie Gardens will kill you ha ha. Fairfax is getting desperate. How about, ” Fairfax will enslave and kill you for its fake news “.

    • Jumping jack flash

      The only way veggie gardens will kill you is from the heart attack that occurs after you read your water bill.

      I tried a veggie garden once. The money i saved from the few carrots i grew successfully didn’t come close to offsetting the water cost to grow them.

      Obviously i had no water tank because it was a rental. I may try again now that i am in a position to install one!