Australians to review CPI survey

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The Australian Bureau of Statistics (ABS) will undertake a major review of its quarterly consumer price index (CPI) survey, for the first time in 12 years.

``The CPI affects every Australian,'' Australian Statistician Brian Pink said in a statement.   ``This review will make sure the CPI remains relevant into the future.''

The last major review was undertaken in 1997.

``Since 1960, when the CPI was first compiled, the ABS has periodically run a check to make sure that it is genuinely meeting community needs,'' Mr Pink said.

``This is an important opportunity to consider what the CPI is being used for, and if it is serving these uses as well as it possibly can.''

The survey is used by governments to guide economic policy and to adjust pensions and by the private sector in lease agreements and pricing schedules.

The CPI is a main economic indicator, measuring the inflation faced by Australian households for goods and services.

The ABS said it will consult widely with users and organisations and individuals are being invited to make written submissions to the review.

The ABS will also hold public hearings in capital cities early next year, on dates to be announced, to seek feedback from the community on the usefulness of the data.

- AAP