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After the release last week of the record low headline CPI numbers for Q2 (see here), and the RBA’s subsequent decision to cut rates by 25 bps yesterday, it comes as no surprise to see the quarterly Cost of Living Indexes confirming the lack of any inflationary pressure.
The COL Indexes are designed to answer the question “By how much would after tax money incomes need to change to allow households to purchase the same quantity of consumer goods and services that they purchased in the base period?” They consider this question for a variety of household types (given the different expenditure patterns of households).
Once again we see annual cost of living increases for all household types either down or unchanged from the previous quarter.
| Q/Q | YR/YR | |||
| Q1 | Q2 | Q1 | Q2 | |
| Pensioner & beneficiary | 0 | 0.4 | 1.1 | 0.9 |
| Employee | 0 | 0.3 | 1.1 | 1.0 |
| Age Pensioner | 0 | 0.5 | 0.8 | 0.7 |
| Other Govt Transfer Recipient | -0.1 | 0.5 | 1.1 | 1.1 |
| Self-funded retiree | -0.4 | 0.4 | 1.1 | 1.1 |
| Headline CPI | -0.2 | 0.4 | 1.3 | 1.0 |
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