Latest news with #MichelleMarquardt
Fibre2Fashion
2 days ago
- Business
- Fibre2Fashion
Australia's CPI steady at 2.4% in Apr; rebates mask true power prices
Australia's Consumer Price Index (CPI) rose 2.4 per cent in the 12 months to April 2025, maintaining the same annual pace for the third consecutive month, according to the Australian Bureau of Statistics (ABS). The annual trimmed mean inflation—which excludes extreme price changes—rose slightly to 2.8 per cent in April, up from 2.7 per cent in March, marking relative stability over the past five months, according to the latest data from ABS. Australia's CPI rose 2.4 per cent annually to April 2025, unchanged for three months, as per ABS data. Underlying inflation indicatorsâ€'trimmed mean and CPI excluding volatile itemsâ€'both rose 2.8 per cent. Housing inflation increased to 2.2 per cent, while new dwelling prices saw modest growth. Electricity prices fell 6.5 per cent due to rebates, and automotive fuel prices dropped 12 per cent annually. Another core measure, the CPI excluding volatile items and holiday travel, also recorded a 2.8 per cent rise in April, compared to 2.6 per cent in March. This indicator excludes items such as automotive fuel, fruit and vegetables, and holiday travel and accommodation. Housing inflation rose to 2.2 per cent in April from 1.8 per cent in March. Prices of new dwellings edged up by 1.2 per cent year-on-year (YoY), slightly higher than the 1 per cent increase recorded in March. This marked the second-lowest annual increase since April 2021, largely due to builders offering discounts and promotional deals. Electricity prices fell 6.5 per cent in the 12 months to April, compared to a 9.6 per cent fall in the 12 months to March. 'Electricity rebates lower the price of electricity for households. In Queensland, most households have now used up the Queensland Government's one-off electricity rebate of $1,000. All Western Australian households have used up the second instalment of both the state government and Commonwealth Energy Bill Relief Fund rebates,' said Michelle Marquardt, ABS head of prices statistics. 'Without rebates, electricity prices would have risen 1.5 per cent in the 12 months to April.' Automotive fuel prices saw a sharp annual decline of 12 per cent in April, following a 7.6 per cent drop in March. On a monthly basis, fuel prices were down 2.6 per cent in April. Fibre2Fashion News Desk (SG)
Epoch Times
4 days ago
- Business
- Epoch Times
Australia Official Inflation Holds Steady, Despite Near-20 Percent Surge in Egg Prices
Australia's annual inflation rate remained unchanged at 2.4 percent in April, reinforcing market expectations that the Reserve Bank may again lower interest rates at its next meeting in July. The Australian Bureau of Statistics (ABS) confirmed on May 28, that headline inflation for the month matched February and March. While this was slightly above the market forecast of 2.3 percent, the figure remains well within the Reserve Bank of Australia's (RBA) inflation target band of 2 to 3 percent. Trimmed mean inflation—regarded as the RBA's preferred measure for assessing underlying price pressures—edged up slightly to 2.8 percent in April, from 2.7 percent the previous month. Egg Prices Surge Nearly 20 Percent, While Rebates Drive Down Electricity Costs Among the top contributors to annual inflation were food and non-alcoholic beverages (up 3.1 percent), housing (up 2.2 percent), and recreation and culture (up 3.6 percent). While overall food inflation slowed compared to March, egg prices surged 18.6 percent year-on-year due to supply constraints caused by bird flu outbreaks and the government-backed cull of over 1 million birds. 'While annual inflation eased for most food categories in April, egg prices were up by 18.6 percent in the past 12 months,' said Michelle Marquardt, ABS head of prices statistics. Related Stories 5/14/2025 5/16/2025 Housing costs rose at a moderate pace, with new dwelling prices up 1.2 percent and rents increasing 5.0 percent—though both were down slightly from March. Electricity prices, meanwhile, fell 6.5 percent over the year to April, helped by taxpayer-backed rebates. 'Without all the Commonwealth and State government rebates, electricity prices would have risen 1.5 percent,' Marquardt added. 'Substantial and Sustained' Inflation Progress: Chalmers Treasurer Jim Chalmers welcomed the data, calling it 'encouraging news.' 'It shows that the progress that we have made together as Australians on inflation has been substantial and it has been sustained,' Chalmers said. 'It is actually the longest period where both measures of inflation have been in a target range since this monthly data started being collected in 2018.' Rate Cut Odds Grow as Price Stability Persists The latest CPI report arrives just a week after the central bank cut the official cash rate to 3.85 percent. Financial markets are now betting heavily on a further reduction, with odds of another cut in July sitting at 78 percent this morning. RBA Governor Michele Bullock recently signaled that she is open to more cuts if inflation remains in check. 'We are prepared to reduce rates again if inflation continues to trend downward and broader economic indicators remain supportive.' However, the Board struck a cautious tone, warning of heightened global uncertainty and volatility in financial markets over the past three months. The statement noted that recent tariff announcements had prompted a market rebound but added that, 'There is still considerable uncertainty about the final scope of the tariffs and policy responses in other countries.'
West Australian
4 days ago
- Business
- West Australian
Inflation read for April comes in hotter than forecast but holds within RBA's comfort zone
The higher cost of food, housing and recreation has pushed inflation slightly higher, defying predictions from economists of a fall deeper into the Reserve Bank's comfort zone. The monthly consumer price index reading from the Australian Bureau of Statistics on Wednesday showed the year-on-year increase remained steady in April at 2.4 per cent — where it has sat for the past three months. The biggest contributors to the annual movement were food and non-alcoholic beverages up 3.1 per cent), housing (up 2.2 per cent), and recreation and culture ( up 3.6 per cent). The annual trimmed mean for April — which strips out price volatility — ticked up from 2.7 per cent to 2.8 per cent. ABS head of prices statistics Michelle Marquardt said that measure had remained relatively stable for the past five months. 'The CPI excluding volatile items and holiday travel measure rose 2.8 per cent in the 12 months to April, compared to a 2.6 per cent rise in the 12 months to March,' she said. Westpac chief economist Luci Ellis had expected the inflation rate to fall through the floor of the central bank's 2 to 3 per cent target range to 1.9 per cent. Westpac's prediction was on the lower end of market estimates, with the consensus forecast for annual CPI to come in around 2.3 per cent. That's was the figure from AMP economists, while JP Morgan economists Ben Jarman, Tom Kennedy and Jack Stinson had expected a reading of 2 per cent, which would have been the softest inflation outcome since March 2021. A former RBA chief economist, Ms Ellis had forecast prices would have risen at 0.3 per cent over the month, with disinflation continuing to show through in goods such as clothing and footwear, dwelling maintenance and furniture. The RBA sets a minimum target for inflation because if prices grow too slowly, it could cause consumers to delay purchases. Businesses could respond to lower spending and higher real wage bills by laying off workers, resulting in a negative spiral of demand and prices. Reserve Bank governor Michele Bullock won't be too concerned by the measure undershooting. The bank takes greater stock in the less volatile quarterly trimmed mean, which it predicts to stay around the midpoint of its target range for the foreseeable future. Ms Bullock retired another analogy — that of the 'narrow path' the bank has had to walk — last week after the board made a second cut to the official interest rate. Her focus turns to combating uncertainty caused by US President Donald Trump's tariffs, with the RBA expecting the trade war to have a disinflationary impact on Australia, Ms Ellis said. The board will have to wait for the second and third monthly readings of the quarter to get data on services inflation, which will show if low unemployment is flowing through to higher labour costs for businesses. 'One area that the RBA had previously pointed to as a reason for not being confident that inflation can be sustained at current levels is the tightness of the labour market,' Ms Ellis said. 'While it still highlighted indicators that suggested remaining tightness, the forecasts for unemployment have been lifted slightly, while those for employment and wages growth have been reduced slightly.'
Yahoo
14-05-2025
- Business
- Yahoo
Grim update for mortgage holders
Australians' wages are on the rise for the first time in nearly a year, but it could have a negative impact for mortgage holders. Australian wage growth continued to play 'catch-up' in the first quarter of 2025 after slumping to its lowest rate in almost two years last quarter. Fresh figures from the Australian Bureau of Statistics on Wednesday showed wages rose by 0.9 per cent compared with expectations of wages growing by 0.8 per cent. The wage price index is now up 3.4 per cent for the year. ABS head of prices statistics Michelle Marquardt said annual wage growth ticked up for the first time since the June 2024 quarter. 'The 3.4 per cent increase in wages for the year to the March quarter 2025 was higher than the 3.2 per cent to the December quarter 2024 but lower than the 4.0 per cent at the same time last year,' she said. Accelerating wages could have a negative impact on Australians looking for a rate cut. 'Australian wage price index data will kick off a focus on the Australian labour market, with the wage numbers and the labour force survey the final hurdle before next week's RBA decision. Wages are expected to have risen 3.2 per cent in the March quarter, suggesting very little inflationary pressure coming from what appears to be an otherwise tight labour market,' senior financial market analyst Kyle Rodda said. 'Should the numbers and more importantly the April labour force report fall close enough to the pin, it will all but cement expectations of an RBA cut. 'Currently, the markets are fully pricing in another reduction in the cash rate at this month's meeting.' Commonwealth Bank senior economist Stephen Wu said prior to the announcement there would be a sizeable wage increase for a small portion of workers. 'The latest sharp fall in businesses citing labour as a significant constraint on output is consistent with this idea. And the rise in sales as a constraint on output suggests that the unemployment rate would be higher absent the contribution from the non-market sector,' he said. Over the prior six months, wages have stalled. A growth rate of 0.7 per cent in the 2024 December quarter undershot expectations of a 0.8 per cent growth rate. Annual wages are now up 3.2 per cent, down from 4.2 per cent in December 2023. Error while retrieving data Sign in to access your portfolio Error while retrieving data
Perth Now
14-05-2025
- Business
- Perth Now
Grim update for mortgage holders
Australians' wages are on the rise for the first time in nearly a year, but it could have a negative impact for mortgage holders. Australian wage growth continued to play 'catch-up' in the first quarter of 2025 after slumping to its lowest rate in almost two years last quarter. Fresh figures from the Australian Bureau of Statistics on Wednesday showed wages rose by 0.9 per cent compared with expectations of wages growing by 0.8 per cent. The wage price index is now up 3.4 per cent for the year. Aussie workers' wages are rising, albeit slightly. NewsWire / Andrew Henshaw Credit: News Corp Australia ABS head of prices statistics Michelle Marquardt said annual wage growth ticked up for the first time since the June 2024 quarter. 'The 3.4 per cent increase in wages for the year to the March quarter 2025 was higher than the 3.2 per cent to the December quarter 2024 but lower than the 4.0 per cent at the same time last year,' she said. Accelerating wages could have a negative impact on Australians looking for a rate cut. 'Australian wage price index data will kick off a focus on the Australian labour market, with the wage numbers and the labour force survey the final hurdle before next week's RBA decision. Wages are expected to have risen 3.2 per cent in the March quarter, suggesting very little inflationary pressure coming from what appears to be an otherwise tight labour market,' senior financial market analyst Kyle Rodda said. 'Should the numbers and more importantly the April labour force report fall close enough to the pin, it will all but cement expectations of an RBA cut. 'Currently, the markets are fully pricing in another reduction in the cash rate at this month's meeting.' Commonwealth Bank senior economist Stephen Wu said prior to the announcement there would be a sizeable wage increase for a small portion of workers. 'The latest sharp fall in businesses citing labour as a significant constraint on output is consistent with this idea. And the rise in sales as a constraint on output suggests that the unemployment rate would be higher absent the contribution from the non-market sector,' he said. Over the prior six months, wages have stalled. A growth rate of 0.7 per cent in the 2024 December quarter undershot expectations of a 0.8 per cent growth rate. Annual wages are now up 3.2 per cent, down from 4.2 per cent in December 2023.
