28 January 2015

Lower inflation is good news for Australian families


This media release discusses the release of the December quarter Consumer Price Index (CPI).

Today's release of the December quarter Consumer Price Index (CPI) shows inflation rising by a modest 0.2 per cent to be 1.7 per cent for the year.

This is good news for Australian families to start 2015.

Petrol prices have come down significantly, with the average price sitting at around 111 cents per litre - saving the typical Australian family over $22 per week compared with the middle of last year.

Electricity prices saw the largest fall on record in the September quarter and have remained flat this quarter. This means families are continuing to enjoy the benefits of the Carbon Tax being scrapped.

While Labor was in government, electricity prices more than doubled - and Labor is now saying it is committed to bringing back the Carbon Tax. 

In through the year terms, the CPI grew 1.7 per cent, down from 2.3 per cent in the September quarter.

Alcohol and tobacco prices rose 1.7 per cent. Housing prices rose 0.5 per cent, recreation and culture prices rose 1.0 per cent and transport prices fell 2.2 per cent.

In 2014, the Coalition Government laid strong foundations for future growth. This included three Free Trade Agreements, the repeal of 57,000 pages of red tape and the creation of more than 200,000 new jobs. In 2015 we will keep building on these foundations to create more opportunities for all Australians.