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The most recent Consumer Price Index, released by the Australian Bureau of Statistics a week ago, claimed the price of living had risen just by 3.1 percent in the past year.
But this average is disguising the difficulties families face in coping with regular bills,[url=http://duveticaukoutlet.halod.com/][b]Duvetica Down Jackets For Men Store[/b][/url].
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The CPI has been dragged down by an 8 per cent plunge within the price of computers, TVs and a decline in the price of holidays.
AMP chief economist Shane Oliver said most people would feel as if the actual cost of living was increasing at 5-6 per cent annually -- double the amount official rate.
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In December the ABS announced a review of the CPI.
The Australian Council of Social Services's submission towards the review called for a brand new, separate living costs index to reflect the difficulties of these in hardship. "We are particularly concerned about how the increasing cost of living is affecting low-income people,[url=http://parajumperssalenorge.albirank.net/][b]Parajumpers Long Bear Online[/b][/url]," ACOSS CEO Cassandra Goldie said.
University of Canberra lecturer in public finance Ian McAuley required an expense of living index for older people,[url=http://duveticaouterwear.blogspot.com/][b]duvetica outlet[/b][/url].
"If you are old and living at home -- not relaxing in an office all day while using boss' heater -- it may get expensive," Mr McAuley said.
He explained the CPI needed to reflect price alterations in rural and regional areas,[url=http://monclerjackenonlinech.albirank.net/][b]Moncler Günstig[/b][/url]. Right now it was the typical of prices in Australia's eight state and territory capitals only,[url=http://billigmonclerjackenkaufen.olimx.com/][b]Moncler Jacke Damen Outlet[/b][/url].
The Reserve Bank of Australia said the composition from the CPI wasn't being being updated often enough to "capture economically significant alterations in the consumption basket",[url=http://peutereyoutletitaliaonline.olimx.com/][b]Peuterey Outlet Italia[/b][/url].
It said the CPI was updated significantly less frequently than other advanced economies.
J Bell of Gawler Posted at 10:19 PM August 04, 2010
I no more have confidence in the inflation figure. Not since years ago someone decided to largely ignore the effect of house price increases. I imagine this was to create a lower inflation number, because house prices rose so quickly. In my experience this smacked of manipulating the statistics to satisfy the client - the government. Just as the unemployment minute rates are false, since an individual working even one hour per week is classified as employed. Just as the average wage is really a poor way of measuring the income of the normal person - because the average of $50k is skewed substantially by those earning millions - the median wage is $30k is a more realistic measure for the person in the pub. So don't quote statistics unless they're properly measured.