COST OF LIVING CONTINUES TO RISE AS AUSTRALIANS FEEL THE PINCH | Kanebridge News
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COST OF LIVING CONTINUES TO RISE AS AUSTRALIANS FEEL THE PINCH

If it feels like everything is more expensive right now, that’s because it is

By KANEBRIDGE NEWS
Thu, Feb 2, 2023 9:42amGrey Clock < 1 min

Mortgage interest charges were responsible for the greatest increase in living costs over the December quarter for employee households, data released by the Australian Bureau of Statistics yesterday shows. This uptick in costs follows decisions by mortgage lenders to pass on consecutive cash rate rises by the Reserve Bank of Australia which saw it increase by 300 basis points or 3 percent in 2022.

The statistics, showing price increases across all five Living Cost Indexes (LCI) in Australia — the largest rise since the September 2000 quarter — paint a picture of households under increasing pressure to balance budgets while maintaining their current lifestyles.

While interest rates accounted for a 26.6 percent rise, Recreation and Culture, including travel rose by 5.5 percent over the holiday period, followed by Housing at 2.2 percent and Furnishings, household equipment and services at 1.8 percent.

National electricity prices also increased as the Western Australian Government’s $400 electricity credit offer came to an end. However, this was mitigated by the Queensland Government’s $175 Cost of Living rebate which came into effect in September last year. The Tasmanian Government has also introduced a $119 Winter Bill Buster electricity discount for concession households.

The RBA board is due to meet next week for the first time this year with most experts predicting a further rate rise of 0.25 percent. 



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A water lily painting by Claude Monet of his Giverny gardens is expected to achieve at least US$65 million at Christie’s November sale of 20th-century art in New York

Le bassin aux nymphéas, or water lily pond, painted around 1917 to 1919, is a monumental canvas extending more than six-and-a-half feet wide and more than three-feet tall, that has been in the same anonymous private collection since 1972. According to Christie’s, the painting has never been seen publicly.

The artwork is “that rarest thing: a masterpiece rediscovered,” Max Carter, Christie’s vice chairman of 20th and 21st century art said in a news release Thursday.

A first look at this thickly painted example of Monet’s famed and influential water lily series will be on Oct. 4, when it is revealed in Hong Kong.

The price record for a Nymphéas painting by Monet was set in May 2018 for Nymphéas en fleur, another large-scale work that had been in the collection of Peggy and David Rockefeller. That painting sold for nearly US$85 million.

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