Hi Welcome You can highlight texts in any article and it becomes audio news that you can hear
  • Sun. Nov 3rd, 2024

Free child care and preschool drive greatest drop in consumer costs on record

Byindianadmin

Jul 29, 2020 #prices, #record
Free child care and preschool drive greatest drop in consumer costs on record

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.

A man in a mask gives a thumb's up as he pushes a shopping trolley with a big pack of toilet paper in it.

Panic purchasing removed grocery store shelves of toilet paper in March and has actually led to ongoing price increases.( ABC News: James Carmody)

Many food costs increased, especially those items s

Find Out More

Click to listen highlighted text!