How our inflation rate is calculated is controversial | Finance Report | ABC NEWS

An interesting report suggests real wages have gone backwards in the past 25-years once you account for the cost of housing.
The Institute of Public Affairs (IPA) examination of our consumer price index (CPI) and how we measure inflation raises some interesting questions.
IPA Chief Economist Adam Creighton says our inflation statistics are “fundamentally flawed”, and dramatically understate the true rise in the cost of living.
House prices and mortgage repayments are the single largest financial cost most households face. The report contends the Consumer Price Index (CPI) gives a deeply misleading view of living standards in Australia.
Meanwhile, Australian shares finished broadly flat today. The Australian dollar managed to breach 69 US cents, but trading was lacklustre.
Global oil benchmark Brent crude lost a lot of ground heading into Asian trade, but sellers appear to have dissipated.

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