December quarter key statistics
Import price index
- Rose 0.7% this quarter and 1.4% through the year.
Main positive contributors are:
- Petroleum, petroleum products and related materials (+3.8%),
- Machinery specialised for particular industries (+1.6%); and
- Road vehicles (including air-cushion vehicles) (+0.4%).
Offsetting falls occurred in:
- Fertilisers (excluding crude) (-6.5%); and
- Plastics in non-primary forms (-5.5%).
Export price index
- Fell 5.2% this quarter but rose 4.1% through the year.
Main contributors to the fall are:
- Metalliferous ores and metal scrap (-9.1%),
- Coal, coke and briquettes (–14.7%),
- Gas, natural and manufactured (-2.3%).
Offsetting rises occurred in:
- Meat and meat preparations (+6.9%).
Exchange rate
- The Australian dollar depreciated against the United States dollar.
- This had an upward effect on import and export prices this quarter.
| Sep Qtr 19 to Dec Qtr 19 | Dec Qtr 18 to Dec Qtr 19 | |
|---|---|---|
| % change | % change | |
| Import Price Index all groups | 0.7 | 1.4 |
| Food and live animals | -0.2 | 4.1 |
| Beverages and tobacco | 1.0 | 3.8 |
| Crude materials, inedible, except fuels | 1.6 | -7.5 |
| Mineral fuels, lubricants and related materials | 3.4 | -4.1 |
| Animal and vegetable oils, fats and waxes | 4.1 | 1.9 |
| Chemicals and related products, n.e.s. | -0.7 | -3.9 |
| Manufactured goods classified chiefly by material | 0.5 | 3.5 |
| Machinery and transport equipment | 0.6 | 2.6 |
| Miscellaneous manufactured articles | 0.1 | 2.5 |
| Commodities and transactions, n.e.s. | 0.8 | 26.5 |
| Export Price Index all groups | -5.2 | 4.1 |
| Food and live animals | 3.9 | 8.1 |
| Beverages and tobacco | 0.9 | 9.2 |
| Crude materials, inedible, except fuels | -8.3 | 23.8 |
| Mineral fuels, lubricants and related materials | -8.4 | -18.3 |
| Animal and vegetable oils, fats and waxes | 1.0 | 11.9 |
| Chemicals and related products, n.e.s. | 0.1 | -0.2 |
| Manufactured goods classified chiefly by material | -1.6 | 0.4 |
| Machinery and transport equipment | 0.2 | 2.8 |
| Miscellaneous manufactured articles | -0.2 | 3.3 |
| Commodities and transactions, n.e.s. | 0.0 | 24.8 |
Use of price indexes in contracts
Price indexes published by the Australian Bureau of Statistics (ABS) provide summary measures of the movements in various categories of prices over time. They are published primarily for use in Government economic analysis. Price indexes are also often used in contracts by businesses and government to adjust payments and/or charges to take account of changes in categories of prices (Indexation Clauses).
Use of Price Indexes in Contracts sets out a range of issues that should be taken into account by parties considering including an Indexation Clause in a contract using an ABS published price index.