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PRICES STATISTICS

OBJECTIVES

The Prices Statistics 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 for selected Australian households.

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 program outputs are the Reserve Bank of Australia, the Department of 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 as follows:

• 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 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.
• The PPIs and ITPIs support the compilation of National Accounts and Balance of Payments statistics. They are also an indicator of domestic and international producer inflation from an Australian perspective and are frequently used for contract indexation purposes.
• 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).

• implement the PPI re-weight program to update the underlying quantities for the fixed basket used in the compilation of the index, using weights derived from the 2012-13 National Accounts Input-Output tables - due September 2016
• continue to expand the use of transactions data to compile official price statistics - due June 2017
• continue the services PPI expansion program which was commenced in 2011, expanding into telecommunications, engineering construction, human health and education services - due June 2017.