The release of the June 2020 CPI figures confirms the impact of COVID-19 on the Australian economy, according to REIA president Adrian Kelly.
The June 2020 quarter CPI figures released today show the impact that the COVID pandemic is having on the economy as consumers restrict their spending and adjust their activities and way of life, according to the Real Estate Institute of Australia (REIA).
“The All Groups CPI, fell 1.9 per cent in the June 2020 quarter giving an annual drop of 0.3 per cent," said REIA president, Adrian Kelly.
"This is markedly down on the March quarter figures of increases of 0.3 per cent and 2.2 per cent, respectively, and was the largest quarterly fall in the 72 year history of the CPI.
At a Glance:
“The quarterly changes for the analytical series of trimmed mean and for the weighted median were -0.1 and +0.1 respectively.
"The annual changes in the trimmed mean and weighted mean were 1.2 per cent and 1.3 per cent with the trimmed mean being below 2 per cent since December 2015.”
Mr Kelly said the figures also showed the Housing Group decreased by 0.7 per cent for the quarter and increased by 0.1 per cent for the year to June 2020.
“Rents fell for the quarter and the year by 1.3 per cent and 1.2 per cent respectively," said Mr Kelly.
"This is the first time since ABS started the series in September 1973 that we have seen rents drop for the quarter and the year.
“Under normal circumstances this would be good news for renters but in the present circumstances the underlying reasons are of concern for all.
"This does, however, provide justification for the Government’s announcement last week to extend JobKeeper, JobSeeker and rental assistance for those receiving JobSeeker."
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