Rate of inflation eases but high building costs persist

The rate of inflation has fallen to 5.6 percent, figures from the Australian Bureau of Statistics show.

Housing, food and non alcoholic beverages, as well as furnishings saw the greatest price increases, up 8.4 percent, 7.9 percent and 6 percent respectively. However, they were offset by automotive fuel, which fell by -8 percent, thanks to a stronger Australian dollar reducing the cost of importing oil, as well as increased oil production.

The fall in inflation of 5.6 percent over May continues the steady lowering of the CPI, which was recorded at 6.8 percent in April. The latest figures represent the smallest rise since April 2022.

The timing is potentially good news for mortgage holders, taking pressure off the RBA Board to further increase the cash rate when they meet next Tuesday.

The news was less promising for the construction industry, where sustained high labour and material costs have resulted in dwelling prices increasing 8.3 percent over the 12 months to May. However, the ABS noted the rate of growth had eased compared with July 2022 when the cost of building reached a record high increase of 21.7 percent.

Artificial intelligence is rapidly reshaping business, investment and competitive advantage, and now Australia’s property industry is being told it cannot afford to sit on the sidelines.

International keynote speaker and AI strategist Justin Kabbani will headline the Kanebridge Property Summit at RACA Sydney on June 18, bringing rare insight into how forward-thinking property professionals can use AI to move faster, make smarter decisions and gain a serious edge in an increasingly competitive market.

Justin Kabbani, International keynote speaker and AI strategist

Tickets to the exclusive summit are already selling fast.

Having worked with global brands including Uber, PepsiCo, Mattel and Destination NSW, Kabbani has become one of the leading voices on how businesses can turn AI from a buzzword into a genuine commercial advantage.

Known for his high-energy and highly practical presentations, Kabbani cuts through the hype surrounding AI and focuses on what actually matters: productivity, growth, leadership and real-world business results.

His keynote will explore how AI is already transforming industries globally, and what property developers, investors, agents and business leaders need to understand now to avoid being left behind.

Importantly, the session is designed to be practical, not theoretical.

Attendees will hear how AI can be applied across marketing, sales, operations and decision-making to improve efficiency, sharpen strategy and create new competitive advantages in a rapidly changing business environment.

The summit will also feature an exclusive roundtable bringing together leading property and finance experts for a candid, off-the-record Q&A exploring the forces shaping investment, development and wealth creation across Australia’s prestige property market.

The event follows the success of last year’s sold-out summit and will once again be hosted by respected MC John Alten.

With AI becoming one of the biggest disruptors facing business, the June 18 summit is expected to attract strong interest from property professionals, investors and business leaders looking to stay ahead of the curve.

The followings are included in every ticket:

Full access to keynote sessions and the interactive roundtable.
Premium selection of canapés and beverages throughout the evening.
Complimentary annual digital subscription to two leading publications (Wall Street Journal and Kanebridge Quarterly), providing essential coverage of local and global markets, property trends and investment strategy.

Tickets are limited and selling quickly and you can buy here.

Rate of inflation eases but high building costs persist

The ABS data comes as the RBA Board prepares to meet on interest rates next week

International AI strategist Justin Kabbani will headline the Kanebridge Property Summit in Sydney on June 18, with tickets selling fast.