Australia has actually taped its biggest-ever quarterly fall in consumer rates, which dropped 1.9 percent in the June quarter in the middle of the coronavirus pandemic.
Bottom line:
- Consumer rates fell 1.9 percent in the June quarter, the biggest drop on records going back to 1948
- Free childcare led the price decrease, together with free preschool in some states and much cheaper fuel costs
- Product in high demand throughout the COVID shutdowns, such as cleaning items, toilet tissue, furnishings, devices and electronics all rose dramatically in rate
But it was generally working moms and dads with young children who got the biggest benefits, with a 95 percent decrease in child care expenses due to the Federal Government’s policy to totally subsidise the sector for the majority of the quarter.
Besides complimentary child care, the Bureau of Stats said a 19.3 per cent fall in fuel prices and a huge drop in main education expenses– due to complimentary preschool in New South Wales, Victoria and Queensland– contributed to the record-low outcome.
” Omitting these 3 parts, the CPI [consumer price index] would have increased 0.1 per cent in the June quarter,” noted ABS chief economic expert Bruce Hockman.
Pandemic rate increases
The prices of numerous other products in high need throughout the initial pandemic lockdowns rose dramatically.
The expense of cleaning and upkeep items jumped 6.2 percent and the classification that consists of toilet tissue rose 4.5 per cent, as customers panic purchased these items.
Many food costs increased, especially those items s