- Perth’s CPI growth continued to fall in the September quarter, with CPI excluding the electricity sub-index rising by 4.8 per cent
- Inflation continues to be lower than the national equivalent rate of 5.2 per cent
- Electricity price growth in Perth continues to be the lowest of all the States
Data released today by the Australian Bureau of Statistics shows Perth’s CPI growth continued to fall in the September quarter, slowing to 4.8 per cent (excluding the electricity subindex), compared to 5.2 per cent nationally.
It marks the third quarter in a row inflation has declined in Western Australia and nationally, after peaking in the December quarter 2022.
The continued moderation reflects improvements in global supply chains, with increases to new dwelling prices slowing markedly, and prices for vegetables and beef, childcare, and major household appliances decreasing over the past year.
Since 2021-22, Western Australian Treasury has removed the electricity sub-index from CPI due to the impact of timing of Household Electricity Credits.
In 2022, the State Government’s $400 electricity credit was paid in the September quarter, while the 2023 credit will be paid in two $200 instalments, the first in the September quarter. The lower credit in the September quarter 2023 underpinned a rise in the headline year-end rate of CPI from 4.9 per cent to 5.8 per cent.
Excluding energy bill relief, electricity prices increased by more than 20 per cent in each of the mainland State capitals, and by more than 9 per cent in Hobart in the September quarter. This compares with an increase of 2.5 per cent in Perth.
Perth’s electricity price growth continues to be significantly lower than the eastern states given the State’s retained ownership of electricity corporations, and the WA domestic gas reservation policy.
As stated by Treasurer Rita Saffioti:
“It is encouraging that Perth’s CPI has continued to ease and has now been reducing for three successive quarters.
“Cost of living is the highest priority for the Cook Government, which is why we delivered a $715 million cost of living package in the 2023-24 Budget, and have now spent more than $2.8billion over the past five years in delivering cost of living support.
“The first instalment of our third Household Electricity Credit was delivered into household bills from July, with a second instalment later this year to be paid in the December quarter.
“While the Liberals and Nationals wanted to privatise our electricity corporations, the benefits are clear with electricity prices rising by over 20 per cent on the east coast compared to a 2.5 per cent rise in Western Australia, even when you exclude the impacts of our Household Electricity Credits.”
