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PRICES

OBJECTIVES

The Prices Program compiles a number of main economic indicators: the Consumer Price Index (CPI); the Residential Property Price Indexes (RPPIs) and the total value of the dwelling stock; the Wage Price Index (WPI); and a range of Producer Price Indexes and International Trade Price Indexes (PPIs and ITPIs). The program also produces Selected Living Cost Indexes (SLCIs) which include the Pensioner and Beneficiary Living Costs Index (PBLCI) and Analytical Living Cost Indexes (ALCIs) for selected Australian households. In addition, the program uses information papers, seminars and other means to promote a greater understanding of the concepts, sources and methods of price indexes within the local, national and international communities.

The main clients for the program’s outputs are the Reserve Bank of Australia, the Treasury, and the Australian Government Departments of: Employment; Education; and Social Services. Australian, state and territory government agencies whose payments are indexed, economic analysts, and the general business community are also clients of the Prices program.

The main uses of the key prices indicators are listed below:

• CPI is a general measure of household inflation. It is used: to produce volume estimates for components of the Australian national accounts; as a basis for indexing government payments, superannuation payments and government taxes and charges; as an input into salary and wage negotiations; and for indexation of government bonds and business contracts
• RPPIs measure price change of the stock of dwellings over time. The total value of the dwelling stock is also produced. These statistics are used to analyse trends in the housing market and of changes in the value of the housing stock
• WPI is a measure of wage inflation. It is used: as an input into wage setting negotiations; to produce volume estimates for components of the Australian National Accounts; and for indexation of business contracts
• PPIs and ITPIs are used: to produce volume estimates for components of the Australian national accounts and balance of payments; as a guide to future inflationary trends; and for indexation of business contracts
• SLCIs are analytical series used to measure the impact of price changes on the out-of-pocket living costs experienced by employee households, age pensioner households, other government benefit recipient households and self-funded retiree households. Specifically, the PBLCI is used as a basis for indexing pensions and other payments to government benefit recipients.

• Consumer Price Index, Australia (cat. no. 6401.0)
• Residential Property Price Indexes: Eight Capital Cities (cat. no. 6416.0)
• Wage Price Index, Australia (cat. no. 6345.0)
• Producer Price Indexes, Australia (cat. no. 6427.0)
• International Trade Price Indexes, Australia (cat. no. 6457.0)
• Selected Living Cost Indexes, Australia (cat. no. 6467.0).

• produce an updated Concepts, Sources and Methods publication for the PPIs – due August 2014
• re-reference the WPI to 2011-12 = 100.0 - due February 2015
• expand the use of transactions data to compile official statistics – due June 2015
• implement the outcomes of the Review of the Producer and International Trade Price Indexes 2012, including updating the presentation structure, incorporating international trade in services price indexes into the suite of PPIs and ITPIs, and implementing a program of improvements to the coverage of the services industries for PPIs – due 2016.