- Perth’s inflation rate fell to 3.6 per cent in 2023, the lowest of the mainland States
- Inflation for Perth was below the national rate of 4.1 per cent for the year
- Perth’s inflation continues to slow from its peak in the December quarter 2022
- Decline has been underpinned by slowing price growth across a broad range of goods and services
- Cost of living relief for Western Australian households remains Cook Government’s highest priority
The Australian Bureau of Statistics (ABS) today released inflation data for the December quarter 2023, which shows Perth’s inflation rate slowed to 3.6 per cent in 2023. Perth’s inflation rate was well below the national rate of 4.1 per cent, and the lowest of the mainland States (second only to Hobart).
The decline in Perth’s year-ended inflation rate was underpinned by slowing price growth across a range of sub-indices – including food, housing, transport, clothing and footwear, furnishing and household equipment, as well as recreation and culture.
Growth in the Perth CPI has more than halved since its peak in December quarter 2022, and is now increasing at is slowest pace in more than two years.
The Cook Government delivered its second electricity bill credit to Western Australian households of $200 or more during the December quarter, as part of the Labor Government’s third Household Electricity credit, which provides up to $826 in assistance over the year.
The electricity sub-index in Perth declined by 9.2 per cent in the December quarter in yearended terms reflecting the energy relief provided to households. This compares with year-ended increases (including the impact of relief provided in other jurisdictions) of at least 6.6 per cent in all other State capitals, and an increase nationally of 6.9 per cent.
Further assistance to WA families was announced earlier this week, with school students to receive free public transport from Monday to Friday during school terms, that could save families with two children around $560 per year.
Comments attributed to Treasurer Rita Saffioti:
“The decline in Perth’s inflation to 3.6 percent in 2023 – the lowest of the mainland States and below the national rate of 4.1 percent – is very welcome news.
“We know Western Australian households have been doing it tough due to national and global price pressures.
“Cost of living relief remains our Government’s highest priority, which is why we have delivered billions of dollars in measures to ease cost of living pressures, such as household electricity credits, capping public transport fares and regional airfares, and keeping growth in household fees and charges well below inflation.
“We continued our focus on cost-of-living relief, which is why earlier this week, we announced free public transport for Western Australian school students, saving families with two children around $560 per year.”
