{"id":1531,"date":"2011-10-24T22:27:47","date_gmt":"2011-10-25T02:27:47","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1531"},"modified":"2011-10-24T22:27:47","modified_gmt":"2011-10-25T02:27:47","slug":"australia-how-the-cpi-hid-the-housing-bubble-on-line-opinion","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/24\/australia-how-the-cpi-hid-the-housing-bubble-on-line-opinion\/","title":{"rendered":"Australia: How the CPI hid the housing bubble – On Line Opinion"},"content":{"rendered":"

We can combine the main areas where housing has been stricken from the CPI \u2013 the removal of mortgage costs, quality adjustments to rent, and reduction in weight to home ownership costs \u2013 to see what difference it would make had the pre-1998 methodology been continued. The resulting MacroStats cost-of-living index is plotted below against the headline CPI.<\/p>\n

\"MacroStats<\/p>\n

….We can again see how this measure tracks the official CPI very closely until 1998. Since 1998 it is 0.73 percentage points higher on average (or 3.8%), and in the period 2001-2008, it averaged 1.3 percentage points higher (or 4.4%pa). That gives you some idea of how significant the 1998 methodological shift in the CPI was in disguising housing inflation and creating a feedback loop with lower monetary policy.<\/p>\n

via How the CPI hid the housing bubble – On Line Opinion – 20\/10\/2011<\/a>.<\/p>\n

We need to be wary of bodies like the RBA lobbying to change the composition of the CPI. Performance measurement has to be independent in order to be effective.<\/p>\n","protected":false},"excerpt":{"rendered":"

We can combine the main areas where housing has been stricken from the CPI \u2013 the removal of mortgage costs, quality adjustments to rent, and reduction in weight to home ownership costs \u2013 to see what difference it would make had the pre-1998 methodology been continued. The resulting MacroStats cost-of-living index is plotted below against … <\/p>\n

Continue reading “Australia: How the CPI hid the housing bubble – On Line Opinion”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40],"tags":[854,1732,1736,1828,2860],"class_list":["post-1531","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","tag-cpi","tag-housing","tag-housing-bubble","tag-inflation","tag-rba"],"yoast_head":"\nAustralia: How the CPI hid the housing bubble - On Line Opinion - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia: How the CPI hid the housing bubble - On Line Opinion - the patient investor\" \/>\n<meta property=\"og:description\" content=\"We can combine the main areas where housing has been stricken from the CPI \u2013 the removal of mortgage costs, quality adjustments to rent, and reduction in weight to home ownership costs \u2013 to see what difference it would make had the pre-1998 methodology been continued. 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Low interest rates enabled households to borrow more relative to their income, with housing debt expanding 4.5 times, over\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42351,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/05\/31\/australias-nasty-inflation-surprise\/","url_meta":{"origin":1531,"position":1},"title":"Australia’s nasty inflation surprise","author":"Colin Twiggs","date":"May 31, 2023","format":false,"excerpt":"The possibility of more RBA rate hikes jumped as key monthly CPI measures ticked upwards. Trimmed mean inflation (dark blue below) -- the RBA's favorite measure -- increased to 6.7% for the 12 months to April, from 6.5% in March. 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The strong rise prompted Westpac's Bill Evans to raise his forecast for the RBA cash rate to three more rate hikes of 25 basis points, peaking at\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Australia: Wages Index","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-26-aus-wages.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":44916,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/10\/25\/australian-cpi-bounce-could-spur-another-rate-hike\/","url_meta":{"origin":1531,"position":3},"title":"Australian CPI bounce could spur another rate hike","author":"Colin Twiggs","date":"October 25, 2023","format":false,"excerpt":"Australian CPI bounced in the September quarter, climbing 1.2% after 0.8% in the second quarter. Annual CPI at 5.4% is still falling but the latest up-tick warns that the decline is slowing. Key factors are a steep climb in transport costs (mainly fuel), housing and communications, growing at quarterly rates\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"CPI Components","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-25-aus-cpi-components-823x528.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-25-aus-cpi-components-823x528.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-25-aus-cpi-components-823x528.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-25-aus-cpi-components-823x528.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":27689,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/09\/01\/housing-inflation-spike-coming\/","url_meta":{"origin":1531,"position":4},"title":"Housing inflation spike coming","author":"Colin Twiggs","date":"September 1, 2021","format":false,"excerpt":"Earlier in the week, we compared shelter, which comprises one-third of the total consumer price index (CPI) to the Case-Shiller home price index. The shelter component of CPI, climbed to 3.34% for the year ending July and at a 4.8% annualized rate in the most recent six months (Jan-July). Case-Shiller\u2026","rel":"","context":"In "Housing"","block_context":{"text":"Housing","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/housing-economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35919,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/07\/27\/australia-q2-cpi\/","url_meta":{"origin":1531,"position":5},"title":"Australia Q2 CPI and the cash rate","author":"Colin Twiggs","date":"July 27, 2022","format":false,"excerpt":"The CPI gained 1.8% in the June quarter splitting the difference between the market median of 1.9% and Westpac\u2019s forecast of 1.7%. .....This increase was the second highest since the introduction of the GST and follows on from a 2.1% increase in the March quarter. The annual pace lifted from\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"CPI: Discretionary & Non-Discretionary","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-27-westpac-cpi.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-27-westpac-cpi.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-27-westpac-cpi.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-27-westpac-cpi.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=1531"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1531\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=1531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=1531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=1531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}