Electricity price 'shock'
During the 2022 election campaign, Albanese pledged that Labor would reduce household energy bills by $275 by the end of the first electoral term in 2025.
Meanwhile back in the real world, as bills surged by much as 40 per cent over the two years to June - in so doing blazing to as much as $1,000 above the promised level - instead we've seen the government offering household rebates to take the edge off cost of living pressures.
Small businesses have seen even more chronic increases in power bills, often exceeding $2,000.
In monthly terms, electricity costs were down -6.3 per cent in the month of August thanks to rebates in New South Wales and the Australian Capital Territory.
However, over the 12 months to August, electricity costs were some 24.6 per cent higher, with rebates having concluded in Queensland, Western Australia, and Tasmania.
Stripping out the impact of the rebates, costs were 5.9 per cent higher over the year, with the 2022 election pledge having long since been blown out of the water and/or consigned to the dustbin, depending upon your preferred analogy.
In August overall, the consumer price inflation was only -0.1 per cent, but as expected was higher at 3 per cent over the year due to base effects.
Trimmed mean inflation slowed only slightly from 2.7 per cent over the year to July, to 2.6 per cent over the year to August.
Source: ABS
Insurance costs were up again, however, while dwelling price inflation was back on the up too.
It had looked as though trimmed mean inflation for the September quarter might be around 0.75 per cent or below, but there may prove to be some upside risks based on these numbers.
Markets are taking a fairly reserved view at this stage on the need for further monetary easing, with OIS pricing now looking at the November 2025 central bank meeting as an each-way bet for an interest rate cut.
A couple of further cuts are still expected for this easing cycle.
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