Australia Q1 Inflation +0.6% On Quarter, +1.1% On Year Consumer prices in Australia were up 0.6 percent on quarter in the first quarter of 2021, the Australian Bureau of Statistics said on Wednesday.
That was shy of expectations for 0.9 percent, which would have been unchanged from the three months prior.
On a yearly basis, inflation gained 1.1 percent – also missing forecasts for 1.4 percent but still up from 0.9 percent in the previous three months.
The Reserve Bank of Australia’s trimmed mean was up 0.3 percent on quarter and 1.1 percent on year – slowing from 0.4 percent on quarter and 1.2 percent on year in the previous quarter.
The RBA’s weighted mean rose 0.4 percent on quarter and 1.3 percent on year, slowing from 0.5 percent on quarter and 1.4 percent on year in the previous three months.
The figure highlights Australia s problem of an extremely high suicide rate among the indigenous populace, with up to 10 per cent of all indigenous deaths caused by people taking their own lives.
Among the positive trends noted in the report was an improvement in mortality rates and an increase in the number of children finishing school.
But family and community violence rates had stagnated between 2002 and 2014-2015, according to the report, affecting around one in five of the adult indigenous population. Shocking and shameful
The findings contained in the report caused politicians and activists to voice deep concern.
An indigenous leader from Western Australia, Senator Patrick Dodson, called the high rates of suicide shocking and shameful.
Australian Dollar Falls After Weak Inflation Data
CANBERA (dpa-AFX) - The Australian dollar moved lower against its major trading partners in the Asian session on Wednesday, as the country s inflation rose less than expected in the first quarter, cementing expectations that the Reserve Bank of Australia will keep interest rate at record lows for the forseeable future.
Data from the Australian Bureau of Statistics showed that Australia s consumer prices rose 0.6 percent on quarter in the first quarter of 2021.
That was shy of expectations for 0.9 percent, which would have been unchanged from the three months prior.
On a yearly basis, inflation gained 1.1 percent - also missing forecasts for 1.4 percent but still up from 0.9 percent in the previous three months.
Losses in gold, iron ore miners limit gains on ASX NZX50 rose 0.2%
April 28 (Reuters) - Australian shares snapped a two-day losing streak to close higher on Wednesday as mild quarterly data showed a paucity of inflation and doused investor concerns over a sooner-than-expected interest rate hike.
The S&P/ASX 200 index rose 0.44% to close trade at 7,064.7 points, with strength in financials and energy stocks pushing the benchmark near a 14-month high.
Australian Bureau of Statistics reported lower-than-expected inflation for the March quarter. The consumer price index rose a modest 0.6% over the first three months of the year, short of the 0.9% consensus forecast.
The Australian share market finished higher for the first time in three straight sessions on Wednesday, 28 April 2021, as investors chased for bargain hunting in recently battered stocks, thanks to surprisingly weak inflation figures that fading prospect of an interest rate hike before 2024.
At closing bell, the benchmark S&P/ASX200 added 30.84 points, or 0.44%, to 7,064.67. The broader All Ordinaries rose 24.47 points, or 0.34%, to 7,320.01.
All ASX sectors finished in the green, exception being materials which fell 0.9%. Property was the top performer, up 1.5%, followed by financials which climbed 1.1%. Energy and health care also experienced notable gains.
Woodside Petroleum and Santos rose over 1%, tracking gains in oil prices overnight. Viva Energy jumped 3% to extend gains from the previous session after the fuel supplier said it is making strong progress on its business recovery program.