Inflation tame, cost of living tamer
If you thought last week's inflation numbers were tame, the actual cost of living is even more benign for some at the moment.
The annual inflation rate shrank to 2.3 per cent in the past year, partly reflecting an historic drop in electricity price after the demise of the carbon tax.
It was the lowest rate in a year and now stands comfortably within the Reserve Bank's 2-3 per cent target band.
But wait, there's more.
The Australian Bureau of Statistics living cost indexes - which estimate how much additional income a household needs to purchase the same quantity of consumer goods and services over a set period - show employees and age pensioners are doing even better.
The indexes released on Wednesday for both of these groups were running at an annual pace of 1.9 per cent, while for self-funded retirees it was 2.2 per cent.
However, a recent survey shows three quarters of Australians don't believe they are having it so good.
Commonwealth Securities chief economist Craig James described it as a "normal human reaction".
"You tend to recall the goods that have become more expensive, but tend to less easily recall the goods that have become less expensive," he said.
Consumers will no doubt be watching petrol prices closely in coming weeks after the Abbott government forced through its plan to increase fuel excise.
Prime Minister Tony Abbott was peppered with questions from the opposition on the decision to put an interim tariff on oil companies due to the Senate's rejection to re-introduce indexation, with Labor leader Bill Shorten describing him as the "Bowser Bandit".
Mr Abbott told parliament that given the unwillingness of members opposite to participate in the process of repairing the budget repair, it had to do it a different way.
"We are determined to get our budget measures passed," he said.
Meanwhile, the government undertook its second "repeal day", where it ditched nearly 1000 unnecessary pieces of legislation and regulations covering 7200 pages.
The government says it is saving $2.1 billion in compliance costs for individuals, businesses and the non-for-profit sector.
Treasurer Joe Hockey says the government is the only friend of consumers, business, prosperity and job creation.
"It is the coalition government that is putting in place initiatives that are delivering the prosperity that Australians deserve," he told parliament.
Motorists might not readily agree.
