- Inflation slows as energy rebates ease cost-of-living pressures for Queenslanders
- ABS data shows Brisbane’s CPI growth slowed to 5.2 per cent in September quarter 2023
- Reduction in electricity prices a key contributor to easing inflation
The Palaszczuk Government’s record $ 8 billion cost-of-living relief package is driving down inflation.
Brisbane’s headline Consumer Price Index (CPI) growth eased to 5.2 per cent in September quarter 2023, down from 6.3 per cent in the June quarter, according to the Australian Bureau of Statistics (ABS).
Brisbane’s inflation rate was below the national rate of 5.4 per cent.
This confirms that annual inflation in Brisbane has now moderated for four consecutive quarters.
A key contributor to the easing of Brisbane’s CPI growth has been the reduction of electricity bills.
Brisbane electricity bills dropped by 10.2 percent compared during the September quarter compared to increases of 17.2 per cent in Melbourne, 15.3 per cent in Adelaide and 11.8 per cent in Sydney.
Thanks to the 2023-24 State Budget investment of $1.483 billion in additional electricity bill support measures, every Queensland household is automatically receiving at least $550 in rebates across the year.
Around 600,000 vulnerable households are receiving a rebate of $700, in addition to the $372 rebate they already receive under the Queensland Electricity Rebate Scheme – meaning Queensland’s most vulnerable households are receiving more than $1,000 off their energy bills this year.
Around 205,000 eligible Queensland small businesses are also receiving an automatic rebate of $650 on their electricity bill in 2023-24, cutting the cost of doing business in Queensland.
Quotes attributable to the Treasurer and Minister for Trade and Investment Cameron Dick:
“We understand the cost-of-living pressures facing Queenslanders and that’s why we took action in the State Budget by delivering the largest energy rebates in the country.
“The ABS data out today proves our plan is working, with the dual benefit of reducing energy costs for Queensland families and businesses while easing inflation at the same time.
“We’re only able to provide cost-of-living support measures like our energy rebates because of Queensland’s progressive coal royalty tiers.
“It is only right that Queenslanders benefit from the mining of resources that they own, especially during times of historically high coal prices.”
