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The ABS today released its Cost of Living Index for the September quarter, which showed solid rises across most cohorts:
According to the ABS:
- Transport was the main contributor for all five population sub-groups. The Automotive fuel series reached a record level in the September 2021 quarter, due to higher global oil prices amid economic recovery and supply disruptions.
- Housing also contributed to the rise for all five population sub-groups, due to an increase in property rates, which is the largest rise since 2016. Many councils increased rates after implementing smaller rises, rebates or rate freezes last year.
- All LCIs rose annually by between 2.6% and 2.9%. The increase is due to Automotive fuel with annual price rises of 25%.
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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.
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