As Australians continue to feel the pinch of rising living costs, there’s finally a bit of good news on the horizon. The latest Consumer Price Index (CPI) data reveals that inflation has eased, dropping from 3.8% in June to 3.5% in July 2024. While this decrease might not solve all our financial woes, it’s a promising sign that things could be heading in the right direction, offering a small but welcome relief in these challenging times.
Economists: The Cautious Optimists
Now, before we all get too carried away, let’s hear from our friends, the economists. While they acknowledge this dip in inflation is a good thing, they’re waving a cautionary flag. You see, they’re not entirely convinced that the underlying causes of inflation have been put to bed. Treasurer Jim Chalmers said the figures suggested “encouraging progress” to bring down inflation which peaked at almost 8 per cent in late 2022.
Electricity Prices: Powering Down, Thanks to Rebates
But let’s not get too bogged down by the cautious economists because there’s another piece of good news that deserves a shout-out. The introduction of new Commonwealth and State rebates has brought a noticeable 6.4% drop in electricity prices in July. That’s right, folks, your electricity bill might just be a little less shocking next time around!
Leigh Merrington, the ABS acting head of prices statistics, highlighted that the first installments of the 2024-25 Commonwealth Energy Bill Relief Fund rebates kicked off in Queensland and Western Australia this July. Other States and Territories are set to join the party in August. So, whether you’re in the Sunshine State or the Wild West, keep an eye on your upcoming bills—you might just find yourself with a few extra bucks to spend on something a bit more exciting than electricity (ABS).
The Takeaway?
While the road ahead may still have a few bumps, it’s nice to know that there’s a little bit of relief in sight. So, the next time you’re grappling with those rising costs, remember that things are starting to look up—one small win at a time.
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