How the prices of goods and services have changed is not only an enduringly, topical conversation point, it offers a fascinating insight into society and the Australian economy. This article from the Australian Bureau of Statistics looks at how prices and their collection have changed over time to provide a measure of inflation for Australia.
With prices for various goods and services having been collected since 1901 in Australia we thought it useful to link to this article from the ABS discussing how the data on prices has been collected, what changes have been made to the CPI basket, and a discussion of how prices have changed in Australia over the last 50 years. In addition, innovations in measuring price changes are introduced.
Link to article: What changes in prices and their collection tell us about Australia
So, if your Macroeconomics 101 knowledge is a bit rusty, this is an interesting discussion of a very important element in the Australian economy.
And, did you know, a standing room ticket for the 1970 VFL grand final at the MCG cost 80 cents ($11.00 adjusted for inflation), while a similar ticket for the 2023 final cost $155, though all tickets now require sitting! And, people paid ‘up to $3.70’ ($62.60 adjusted for inflation) to attend the Beatles concert in 1964 whereas tickets to this year’s Taylor Swift concert cost up to $1,249.90.
