Powered by MOMENTUM MEDIA
subscribe to our newsletter

Banking and property bucking inflation trend

Financial services and housing prices have been growing faster than the inflation rate.

The Consumer Price Index climbed 1.3 per cent during the 12 months to 31 March 2015, according to the Australian Bureau of Statistics.

That marked a significant decline compared with the 1.7 per cent rate for the 2014 calendar year.

In the March quarter, prices in the insurance and financial services group rose at an annualised rate of 1.8 per cent, compared to 0.2 per cent in the December quarter.

The main contributor was financial services prices, which rose 2.3 per cent.

Advertisement
Advertisement

Prices in the housing group grew 2.7 per cent in the March quarter after growing 0.8 per cent in the December quarter.

That was driven by a 4.8 per cent price rise for new home purchases by owner-occupiers and a 2.1 per cent rise in rents – although this was partially offset by a 3.9 per cent fall in electricity prices.

The groups that recorded the highest inflation figures were education with 5.4 per cent, alcohol and tobacco with 5.2 per cent and health with 4.4 per cent.

Prices declined in another three groups – transport by 6.2 per cent, communication by 4.5 per cent, and clothing and footwear by 0.7 per cent.

Banking and property bucking inflation trend

PROMOTED CONTENT


>The Consumer Price Index climbed 1.3 per cent during the 12 months to 31 March 2015, according to the Australian Bureau of Statistics.

That marked a significant decline compared with the 1.7 per cent rate for the 2014 calendar year.

In the March quarter, prices in the insurance and financial services group rose at an annualised rate of 1.8 per cent, compared to 0.2 per cent in the December quarter.

The main contributor was financial services prices, which rose 2.3 per cent.

Prices in the housing group grew 2.7 per cent in the March quarter after growing 0.8 per cent in the December quarter.

That was driven by a 4.8 per cent price rise for new home purchases by owner-occupiers and a 2.1 per cent rise in rents – although this was partially offset by a 3.9 per cent fall in electricity prices.

The groups that recorded the highest inflation figures were education with 5.4 per cent, alcohol and tobacco with 5.2 per cent and health with 4.4 per cent.

Prices declined in another three groups – transport by 6.2 per cent, communication by 4.5 per cent, and clothing and footwear by 0.7 per cent.

Banking and property bucking inflation trend
mortgagebusiness

Latest News

True Savings, a new online brokerage headed by former CBA executive Pete Steel, has entered the Australian mortgage market. ...

Pre-registrations have opened for Citi’s upcoming buy now, pay later offering, Spot., which will launch in October. ...

New Zealand’s central bank is primed to further tighten mortgage lending standards, following concerns with a rise in high-LVR and high-DT...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.