Australia’s annual inflation rate climbed to 4.3% in September, up from 4.0% in August, according to figures released by the Australian Bureau of Statistics on 28 October. The increase highlights continuing pressure on household budgets ahead of the Reserve Bank of Australia’s next interest rate decision.
Housing was the largest contributor to annual inflation, with costs rising 5.2%. Transport prices increased 8.7%, while food and non-alcoholic beverages rose 3.2% over the year.
Underlying inflation also edged higher. The monthly trimmed mean measure, which reduces the influence of unusually large price movements, recorded annual growth of 3.6%, compared with a revised 3.5% in August.
The RBA’s cash rate currently stands at 4.60%. Its next decision is scheduled for Tuesday, 3 November, at 2:30pm Sydney time, alongside updated economic forecasts.
Following the inflation release, National Australia Bank revised its forecast and now expects a 0.25 percentage point increase in November, which would lift the cash rate to 4.85%. That remains NAB’s forecast; the RBA has yet to announce its decision.
If rates rise and lenders pass the increase through, borrowers with variable-rate mortgages could face higher repayments, adding further pressure to household finances.
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