Inflation

[Value Collector]

The original sources of the data are Westpac, the ABS, the OECD etc which are credible in their respective fields aren't they?

Probably, so go and read that data directly, rather than the cherry picked, biased nonsense interpretation from Macro business.

I mean look at the info they have cheery picked out of the report, and then look at their commentary, it’s not even correct. I mean they say sentiment in Australia has collapsed but the chart shows it’s flat with a little up tick. But the just run with negativity it’s kinda their thing.

Seriously those guys are a joke, they are wrong so regularly it’s almost like they are satire, unfortunately I think they are actually serious in their beliefs.

 

[sptrawler]

Probably, so go and read that data directly, rather than the cherry picked, biased nonsense interpretation from Macro business.

I mean look at the info they have cheery picked out of the report, and then look at their commentary, it’s not even correct. I mean they say sentiment in Australia has collapsed but the chart shows it’s flat with a little up tick. But the just run with negativity it’s kinda their thing.

Seriously those guys are a joke, they are wrong so regularly it’s almost like they are satire, unfortunately I think they are actually serious in their beliefs.

How they interpret the info might be subjective, but the data does show trends, same as most charts.

 

[Value Collector]

How they interpret the info might be subjective, but the data does show trends, same as most charts.

Read a macro business article every day for a month and come back and tell me what you think.

if you really want a laugh, Google iron ore price every day or tso (which I do), and you will find almost every day a new article is written by them about Iron Ore, and it is always negative tripe. For 10 years I have been laughing at their Iron Ore commentary.

 

[divs4ever]

that would depend on how the data is collated some government departments have been massaging selected data for more than 30 years

but how many departments do this and how often

at least a business gets fined ( not promoted ) for getting caught rigging the data

 

[qldfrog]

And for our competitiveness
Post in thread 'The state of the economy at the street level' https://www.aussiestockforums.com/t...conomy-at-the-street-level.28455/post-1259622
The less competitive, the more inflation to be expected as our whole country slowly goes in a heap

 

[wayneL]

Hahaha, you didn’t just quote “Macro Business” did you.

Macro Business has to be the least credible business news site on the internet, they are laughable.

act on their opinion at your peril.

I have to agree, at the same time I'm struggling to think of anything any more credible. Apart from anyone *occasionally jagging a forecast (stopped clocks and all that sort of thing), all are wrong, except when they aren't.

Chaos in the markets (in the mathematics sense)

Economics is not called the dismal science for nothing.

 

[Belli]

Received our insurance premiums renewal today. Gone up by about $1100 from last year.

You may have got off lightly.

Mind you, it is a news article but there is elements of truth in it. My gut feeling is over time it's going to get tougher to get affordable home insurance now in various parts of Australia. Even households which are not impacted will also wear the cost increases as the insurers spread the the cost of risk premiums.

"Major flooding in Victorian towns twice in two years means residents will almost certainly face significant rises in insurance premiums, amid warnings that uninsurable homes may need to be moved out of extreme flood zones."

Relocation looms for homes in flood-hit towns where insurance is almost impossible

After two floods inside two years in parts of Victoria, insurance experts are concerned flood coverage will become increasingly unaffordable for many residents in the state’s flood-hit communities.

www.theage.com.au

 

[qldfrog]

You may have got off lightly.

Mind you, it is a news article but there is elements of truth in it. My gut feeling is over time it's going to get tougher to get affordable home insurance now in various parts of Australia. Even households which are not impacted will also wear the cost increases as the insurers spread the the cost of risk premiums.

"Major flooding in Victorian towns twice in two years means residents will almost certainly face significant rises in insurance premiums, amid warnings that uninsurable homes may need to be moved out of extreme flood zones."

Relocation looms for homes in flood-hit towns where insurance is almost impossible

After two floods inside two years in parts of Victoria, insurance experts are concerned flood coverage will become increasingly unaffordable for many residents in the state’s flood-hit communities.

www.theage.com.au

So for council and state greed, we build in flood plains, prevent tree clearing for decades and when everything goes to sxxt, I have to pay in behalf of the people living in flooded burning areas..ahh the beauty...
In Florida, it is impossible to insure against hurricanes/storm surge in coastal properties. Maybe we will reach that stage, a nice way to get cheaper real estate too

 

[mullokintyre]

You may have got off lightly.

Mind you, it is a news article but there is elements of truth in it. My gut feeling is over time it's going to get tougher to get affordable home insurance now in various parts of Australia. Even households which are not impacted will also wear the cost increases as the insurers spread the the cost of risk premiums.

"Major flooding in Victorian towns twice in two years means residents will almost certainly face significant rises in insurance premiums, amid warnings that uninsurable homes may need to be moved out of extreme flood zones."

Relocation looms for homes in flood-hit towns where insurance is almost impossible

After two floods inside two years in parts of Victoria, insurance experts are concerned flood coverage will become increasingly unaffordable for many residents in the state’s flood-hit communities.

www.theage.com.au

Part of the problem is the lack of local knowledge of the area where the applicant resides.
We had declines to even quote because we live in the Goulburn Valley.
Valley is a bit of a misnomer, its flatter than Katelyn Jenners chest out here.
There was much fanfare over the floods in the Goulburn last year, we are 15kms from the river.
In the devastating 2022 October floods, our street did not oven flood.
But yet we are classed now in a flood prone area.
Similarly with the flood overlays.
One of my flying acquaintances wanted to build a house on his farm,
There is a nice sandy knoll where he planned to put the house.
the local catchment management authority said no way, its in a flood prone zone.
The area where they said he could put his house was effectively in a swamp.
He had to pay to get his property surveyed to prove to them that their maps were wrong.
Even then they were reluctant to agree, until he threatened to go to the press.
Mick

 

[sptrawler]

And for our competitiveness
Post in thread 'The state of the economy at the street level' https://www.aussiestockforums.com/t...conomy-at-the-street-level.28455/post-1259622
The less competitive, the more inflation to be expected as our whole country slowly goes in a heap

Absolutely, we have been discussing the unintended consequences of the rapid shift to renewables and legislating clean energy targets in the 'future of power generation and storage thread".
I mentioned the fact many processing plants will be assessing if it is viable to upgrade the processing plant, or simply close or relocate it offshore, add the cost of inflation induced rises and proactive wage rises into the mix and as I said it will be a very interesting 2024 IMO.

Hopefully the result isn't many more major closures, time will tell, but I think a degree of panic is starting to settle in with the narrative, notice the current hysteria starting to build with regard supermarkets.

The other interesting thing will be, who do we think will pick up our abandoned assets for a song?

OMG the clever country, no wonder our international education standards are falling, there are a lot of muppets in politics IMO.

 

[divs4ever]

there are a lot of muppets in politics IMO

and most of those muppets have uni degrees , not start on the factory/mine floor

 

[Belli]

I have to pay in behalf of the people living in flooded burning areas

I don't have any proof but I suspect that has always been the situation. It's just the increases may have been so small they were not noticed. However, with the number and frequency of catastrophic events the increase in insurance premiums across the board stand out.

 

[Value Collector]

So for council and state greed, we build in flood plains, prevent tree clearing for decades and when everything goes to sxxt, I have to pay in behalf of the people living in flooded burning areas..ahh the beauty...
In Florida, it is impossible to insure against hurricanes/storm surge in coastal properties. Maybe we will reach that stage, a nice way to get cheaper real estate too

You are also paying for other people’s frauds.

many of the smartest people that have some capital behind them self insure everywhere the can afford to.

check out this short video, and this coming from Charlie Munger, who was part owner of one of the biggest Insurance companies in the world.

 

[againsthegrain]

You are also paying for other people’s frauds.

including the biggest one of them all.... govt

 

[Belli]

Home Insurance

Find out what impacts your home insurance premium and how you can review your policy.

www.suncorp.com.au

 

[divs4ever]

Home Insurance

Find out what impacts your home insurance premium and how you can review your policy.

www.suncorp.com.au

View attachment 168614

and the clever part ( sarcasm ) is they are trying to offload the banking arm , to concentrate on insurance

( i hold SUN at least so far , will decide my next move after the banking disposal is clearer )

 

[Belli]

I was going to but decided it wasn't worth it.

 

[qldfrog]

Home Insurance

Find out what impacts your home insurance premium and how you can review your policy.

www.suncorp.com.au

View attachment 168614

The amount of fees and charge is abysmal imho

 

[sptrawler]

Some good news on inflation, well kind of.

Inflation falls to lowest rate since January 2022

Price increases across the economy have dropped to 4.3 per cent, lower than markets had expected, although housing, food and insurance costs continued to climb.

www.theage.com.au

From the article:
Inflation in the 12 months to November fell to 4.3 per cent from 4.9 per cent in October, a better than expected result ahead of the Reserve Bank’s first interest rate decision next month.

One of the largest contributors to the fall in the inflation rate was automotive fuel prices which dropped 0.5 per cent in November as crude oil prices reached a five-month low. Over the 12 months to November, fuel prices rose 2.3 per cent, lower than the annual increase of 8.6 per cent in October.

The most significant contributors to the annual price increase were housing (up 6.6 per cent), food and non-alcoholic beverages (up 4.6 per cent), insurance and financial services (up 8.8 per cent) and alcohol and tobacco (up 6.5 per cent).

Taking out volatile items such as petrol, holiday travel, fruit and vegetables, underlying inflation was 4.8 per cent in November, lower than the 5.1 per cent figure in October.

One of the biggest factors in inflation – rents – rose from an annual rate of 6.6 per cent to 7.1 per cent reflecting low vacancy rates and a tight rental market. In monthly terms, rent prices rose by 0.7 per cent after a 0.4 per cent decrease in October.

The bureau’s head of prices statistics, Michelle Marquardt, said without the increase in Commonwealth Rent Assistance, introduced in September, rents would have increased 8.8 per cent over the year.

 

[Knobby22]

Some good news on inflation, well kind of.

Inflation falls to lowest rate since January 2022

Price increases across the economy have dropped to 4.3 per cent, lower than markets had expected, although housing, food and insurance costs continued to climb.

www.theage.com.au

From the article:
Inflation in the 12 months to November fell to 4.3 per cent from 4.9 per cent in October, a better than expected result ahead of the Reserve Bank’s first interest rate decision next month.

One of the largest contributors to the fall in the inflation rate was automotive fuel prices which dropped 0.5 per cent in November as crude oil prices reached a five-month low. Over the 12 months to November, fuel prices rose 2.3 per cent, lower than the annual increase of 8.6 per cent in October.

The most significant contributors to the annual price increase were housing (up 6.6 per cent), food and non-alcoholic beverages (up 4.6 per cent), insurance and financial services (up 8.8 per cent) and alcohol and tobacco (up 6.5 per cent).

Taking out volatile items such as petrol, holiday travel, fruit and vegetables, underlying inflation was 4.8 per cent in November, lower than the 5.1 per cent figure in October.

One of the biggest factors in inflation – rents – rose from an annual rate of 6.6 per cent to 7.1 per cent reflecting low vacancy rates and a tight rental market. In monthly terms, rent prices rose by 0.7 per cent after a 0.4 per cent decrease in October.

The bureau’s head of prices statistics, Michelle Marquardt, said without the increase in Commonwealth Rent Assistance, introduced in September, rents would have increased 8.8 per cent over the year.

Sharp drop in November. I had a look at the figures and insurance looks like the worst offender. The sharp rises though will have a deflationary effect over the medium term.

Looks good though. Feeling confident that it won't be long before inflation is back below 3% provided the government doesn't blink, the Treasurer sounds resolute.