Inflation Qld: Brisbane leads the nation in power, rent, insurance, health price hikes

Brisbane has the dubious distinction of leading the nation in price increases for several household necessities, new inflation figures show.

Brisbane households have been slugged the highest electricity price increase of any capital city, with new inflation data showing the cost over 25 per cent higher than in June last year.

New figures released by the Australian Bureau of Statistics on Wednesday showed the Queensland capital also had the largest annual increase of any city for health costs (up 6.7 per cent), rent (8.9 per cent) and insurance (17.1 per cent).

Sydney saw electricity prices climb 24.1 per cent for the year to June, followed by Hobart (13 per cent) and Adelaide (12.1 per cent).

Brisbane’s overall yearly inflation rate of 6.3 per cent was slightly higher than Australia’s (at 6 per cent), while recording a quarterly CPI change of 1 per cent (compared with 0.8 per cent nationally).

Opposition Leader David Crisafulli seized on the figures, and accused the state government of dropping the ball on household bills.

“These are the big four cost-of-living responsibilities of a state government and Queenslanders are under more pressure than anywhere else in the country,” he said.

“These are the big bills Queenslanders are now paying due to the systemic service delivery failures of this government.”

Mr Crisafulli said the government should accept responsibility for the alarming increase in power prices – pointing to issues at the Callide power plant as contributing to the spike.

“That’s why the LNP has committed to addressing energy prices by implementing maintenance guarantees on power plants to ensure maintenance is not forgone to prop up the government’s balance sheet,” he said.

“The Palaszczuk Government’s failure to do its job and properly deliver the services it controls has now driven up the costs Queenslanders are weathering every day.

“Queenslanders deserve a calm and stable government that will bring their household costs down, not push them up.”

The ABS data showed nationally rents had increased 6.7 per cent annually – the largest rise since 2009 – with the quarterly rise of 2.5 cent in the three months to June the largest in 35 years.

Overall, headline inflation fell for the second consecutive month to 6 per cent in the year to June, down from 7 per cent in the March quarter and 7.8 per cent in December.

A spokesman for state Treasurer Cameron Dick said “the lower than anticipated CPI figures will reduce pressure on interest rates for Queenslanders, who are about to receive the biggest electricity bill rebates in the country”.

ABS head of prices statistics Michelle Marquardt said the quarterly rise of 0.8 per cent in June was the lowest since September 2021.

“While prices continued to rise for most goods and services, there were some offsetting price falls this quarter including for domestic holiday travel and accommodation and automotive fuel,” she said.

Federal Treasurer Jim Chalmers acknowledged households continued to feel the hip pocket squeeze, but welcomed inflation “tracking downwards in the right direction”.

The result was expected to take some of the pressure off the Reserve Bank of Australia to lift rates next month.