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Inflation Up Slightly; Hockey Blames Carbon Tax

Inflation edged up slightly in the December quarter and Treasurer Joe Hockey says it’s the fault of the carbon tax.

HockeyThe December quarter rise in the Consumer Price Index was 0.8%. Headline inflation was 2.7% through the year, up from 2.2% in the September quarter.

Treasurer Joe Hockey said: “The inflation rate continues to be impacted by Labor’s Carbon Tax.” He said electricity prices have increased by 22.5% since the introduction of the tax in July 2012. He called on Labor senators to pass the carbon tax repeal legislation when Parliament meets again in February.

Hockey also commented on new figures from the International Monetary Fund which project that global economic growth will increase from 3% in 2013 to 3.7% in 2014. He said: “The IMF underscores the importance of managing vulnerabilities, notwithstanding the expected strengthening in global economic activity.”

Media release from Treasurer Joe Hockey.

Consumer Price Index – December Quarter 2013

Today’s release of the Consumer Price Index (CPI) for the December Quarter shows that inflation is slightly above the middle of the Reserve Bank of Australia’s target band. [Read more…]


Swan Continues Attacks On Campbell Newman Cuts

For the second day running, Treasurer Wayne Swan has focussed on Queensland government budget cuts and their effect on unemployment and the national economy.

Swan

At a Brisbane media conference, Swan quoted from Queensland Budget papers which itemised $3 billion worth of cuts to health funding and 2,754 full-time job losses. [Read more…]


Latest CPI Figures Show Lower Inflation

Inflation increased by a negligible 0.1 per cent in the first quarter of 2012.

In the year to March, there was a 1.6 percent increase in prices. The underlying inflation rate was 2.1 per cent.

The low Consumer Price Index figure has surprised some commentators. The Reserve Bank is now being widely tipped to lower interest rates next week. [Read more…]


Wayne Swan Media Conference on Floods and CPI

Treasurer Wayne Swan held a doorstop press conference today to comment on the release of the latest Consumer Price Index figures.

Swan also talked about the impact on the federal budget of the floods. [Read more…]


Inflation Hits 13-Year High

Inflation has hit a 13-year high of 5.0% with a 1.2% rise in the September quarter Consumer Price Index. [Read more…]


Interest Rates Up Again

The Reserve Bank of Australia today increased interest rates by a further 0.25%.

The increase takes the cash rate to 7.25%.

It is the second consecutive increase this year. Interest rates are now at a 12-year high.

  • Listen to Kevin Rudd and Wayne Swan (24m)

This is the text of the statement today from the Reserve Bank.

STATEMENT BY GLENN STEVENS, GOVERNOR

MONETARY POLICY

At its meeting today, the Board decided to increase the cash rate by 25 basis points to 7.25 per cent, effective 5 March 2008. [Read more…]


Reserve Bank Increases Interest Rates

The Reserve Bank of Australia has increased the cash rate by 0.25% to 7.00%.

In a statement accompanying the decision, the Governor of the Reserve Bank, Glenn Stevens, said the Board had “concluded that a tighter monetary policy setting was needed now”.

Stevens cited “significant inflation pressures”, a “slowing” world economy and “fragile” sentiment in international capital and equity markets as the main reasons for the increase.

[Read more…]