Rent prices take first quarterly fall since 1972

Rent prices take first quarterly fall since 1972

However, it was parents who saw the most benefit, with lower childcare costs and schooling fees fuelling the wider drop, as well as lower fuel prices.

CPI measures the rate of Australia's inflation and how fast the economy is growing through consumer consumption.

This CPI measure hasn't gone backwards so dramatically in nearly 60 years but the quarterly plunge was the steepest since the early 1930s Great Depression, as a result of cheap petrol, free childcare and discounts on rent.

The June quarter fall was mainly the result of free child care (-95.0 per cent), a significant fall in the price of automotive fuel (-19.3 per cent) and a fall in pre-school and primary education (-16.2 per cent), with free pre-school being provided in NSW, Victoria and Queensland.

The consumer price index goes all the way back to 1948, and the next biggest quarterly drop in prices recorded was a 1.5 per cent fall in December 1953, as Australia came off the back of a Korean War boom in wool prices, then the nation's largest export. At this stage we think annual trimmed mean inflation will slow further and eventually, likely by early next year, stubbornly low inflation and elevated unemployment will push the RBA to do more.

U.S. appeals court delays release of Ghislaine Maxwell deposition
District Judge Loretta Preska, who is presiding over the now-settled defamation lawsuit, ordered the documents to be unsealed. Giuffre claimed in the suit and other litigation that Maxwell recruited her in 2000 to be a sexual servant to Epstein.

Rent costs fell by 1.3 per cent, for the first time since data was collected on this in 1972, as landlords were barred from evicting tenants.

In July, several commodities suffered price decreases including rice (down 0.33% over the previous month) due to its abundant supply, pork due to the increasing imports of live pigs from Thailand and fresh seafood products (down 0.45%) due to import reductions caused by the COVID-19 pandemic.

Australia experienced deflation - falling prices - for the year to the end of June of 0.3%. Mr Hockman said: "Since 1949, this was only the third time annual inflation has been negative".

"In the past, whenever we've had deflation it's been in the context of a recession", he said.

Related Articles

  • Google's official teasers confirm August 3 launch for the Pixel 4a

    Google's official teasers confirm August 3 launch for the Pixel 4a

    It is expected to run on a Snapdragon 730 SoC with Adreno 618 GPU, and 6GB of RAM with 64GB and 128GB storage options. Little is know about the device but expect more of the same from Google's mid-range that we know about - the Pixel 3a.
    IPhone 12 Delay Confirmed - Apple Says it'll Be 'a Few Weeks' Late

    IPhone 12 Delay Confirmed - Apple Says it'll Be 'a Few Weeks' Late

    The report topped Wall Street expectations, with even long-overshadowed categories like iPads and Macs getting a boost. Sales of the iPhone , Apple's main revenue driver, were up 1.7% year over year at $26.4 billion in the June quarter.
    USA  to pull 12,000 troops out of Germany

    USA to pull 12,000 troops out of Germany

    Defense Secretary Mark Esper , pictured earlier this month, announced a drawdown of USA troops in Germany on Wednesday. But part of Germany's position as a central hub in the region will also be revoked as part of the Pentagon's plan.
  • Britain delays easing of lockdown as virus spread speeds up

    Britain delays easing of lockdown as virus spread speeds up

    One day we are trying to lift the lockdown, the next we are trying to do the opposite, and the public are now rightfully confused. However, despite initial confusion, business events for up to 30 people are allowed to take place.
    Taylor Swift Changes Merch Name After Black Designer Calls Her Out

    Taylor Swift Changes Merch Name After Black Designer Calls Her Out

    American singer-songwriter Taylor Swift's team responded to accusations she stole the Folklore merchandise logo from a designer. We've rounded up 10 alternative artists we think Swift should collaborate with in honor of her new album.
    Fauci optimistic on COVID-19 vaccine availability

    Fauci optimistic on COVID-19 vaccine availability

    He said controlling the outbreaks will require people to wear masks, avoid crowded indoor spaces and wash their hands frequently. The hearing comes as the number of new COVID-19 cases keep appearing at a worrisome pace.
  • Kim Kardashian West wants to 'make it work' with husband Kanye West

    Kim Kardashian West wants to 'make it work' with husband Kanye West

    It was also revealed that Kim worries her husband has hit rock bottom after he declared that he'd already asked her for a divorce. Kim Kardashian has posted a loving family photo on Instagram following reports she was in "crisis talks" to save her marriage.
    Hurricane Isaias lashes Bahamas while Florida battens down

    Hurricane Isaias lashes Bahamas while Florida battens down

    "The maximum winds had increased to 80 miles per hour with higher gusts making the storm a Category 1 hurricane". A hurricane watch was in effect from north of Deerfield Beach northward to the Volusia-Brevard County Line.
    Mourinho takes thinly-veiled dig at Fernandes, Man Utd -NK#134348

    Mourinho takes thinly-veiled dig at Fernandes, Man Utd -NK#134348

    The German club are demanding that, if Manchester United want to buy the forward, they must match this figure before August 10. Spurs paid a club-record fee to sign the midfielder from Lyon last summer, but he had an indifferent first season in England.
  • Napoli confirm Victor Osimhen capture from Lille

    Napoli confirm Victor Osimhen capture from Lille

    The deal could eventually reach €54m ($A89m), according to claims in Italy, making him Napoli's record signing. The 21-year-old has signed a five year contract with Napoli with an option for an additional year.
    Microsoft Flight Simulator is coming to Steam with VR assistance

    Microsoft Flight Simulator is coming to Steam with VR assistance

    This will deliver "full six degree of freedom (6DOF) camera control for an ultra-immersive simulator experience", the firm claims. After those, a first paid DLC will be available, followed by two other free updates, followed by a second paid DLC.
    Beyonce delights fans with stylized visual album 'Black Is King'

    Beyonce delights fans with stylized visual album 'Black Is King'

    Yet, Beyoncé is also Beyoncé the person, performer and the brand she has so solidly constructed over the decades. The visual comes from her new Black Is King release and features musicians Shatta Wale and Major Lazer .