The Australian Bureau of Statistics (ABS) has released the CPI index number of 119.7 for the September quarter 2021 (up from 118.8 for the June 2020 quarter). The CPI rose 0.8% for the September 2021 quarter. The most significant price rises were for New dwelling purchases by owner-occupiers (+3.3%) and Automotive fuel (+7.1%). Over the year to the September 2021 quarter, the CPI is now running at 3.0% – which is the upper end of the RBA target range of 2-3%

This CPI index number is used to index certain tax and superannuation amounts under Subdiv 960-M of the ITAA 1997. The index number is also used for FBT purposes concerning remote area benefits.

[ABS website: CPI announcement; LTN 209, 29/11/21]

[Tax Month – November 2021Previous 2021] 7.11.21

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