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Cost of Living Falls

05 August 2020 by News Desk

Cost of Living Falls: Large price movements in response to the impacts of COVID-19 in the June 2020 quarter have resulted in the largest fall to date in the living cost index for Employee households.

The fall in cost of living was driven by the provision of free child care for Australian families during the quarter, with Employee households having the highest weight for both child care and preschool and primary education.

Other government transfer recipient households also recorded their weakest ever movement, with the second highest weight for childcare and preschool and primary education.

In comparison, Aged pensioners and Self-funded retirees have zero weight for childcare and only a small weight for preschool and primary education.

Significant price falls for automotive fuel also contributed to the weak movements seen this quarter.

In the June 2020 quarter, all five cost of living indexes fell:

· Employee households recorded the strongest fall (-2.6%), followed by other government transfer recipients (-1.9%).

· The PBLCI fell -1.4%, age pensioners ( -0.8%) and the self-funded retirees (-0.4%) recorded the smallest fall.

Cost of Living over the past 12 months:

· Employee households was the only population sub-group to record a fall (-2.1%).

· Other government transfer recipients (0.0%) recorded no movement.

· The PBLCI (+0.4%), age pensioners (+1.0%) and self-funded retirees (+1.1%) rose.

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