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
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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.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Providing a high-end smart living experience for residents
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In a groundbreaking move, Batelco, a subsidiary of the Beyon Group, has entered a strategic partnership with Grnata, a renowned real estate group, to integrate advanced smart solutions into the Golden Gate residential towers in Bahrain Bay.
The formal agreement was signed at Beyon’s headquarters by Hassan Al Mushaima, Chairman of Grnata Real Estate Group, and Maitham Abdulla, Chief Executive Officer of Batelco, witnessed by representatives from both companies.
This collaboration aims to transform the Golden Gate towers, among Bahrain’s tallest residential structures, into a high-tech haven. Batelco will deploy state-of-the-art technology solutions to enhance residents’ living experience.
A standout feature of this project is the implementation of a bespoke In-Building Solution (IBS), designed to boost wireless signal quality and coverage across all floors, ensuring seamless connectivity. Additionally, cutting-edge video surveillance (CCTV) systems will be installed to enhance security, providing residents with increased peace of mind.
Furthermore, the Golden Gate towers will be equipped with the latest technology systems, enabling residents to remotely control various aspects of their apartments. This includes managing lighting, air conditioning, windows, curtains, and main door access. The system is designed to be future proof, allowing integration with upcoming advancements in home automation, thus ensuring residents benefit from emerging smart home capabilities.
Hassan Al Mushaima, Chairman of Grnata Real Estate Group said: “We are pleased to announce our new strategic partnership with Batelco, Bahrain’s leading telecommunications provider.”
“Batelco’s extensive expertise in smart and digital solutions will be invaluable in equipping the towers with best-in-class connectivity, automation, and intelligent building management solutions. We are excited to leverage Batelco’s innovative capabilities to create a sophisticated and future-ready smart infrastructure for the Golden Gate Towers and provide our customers with the very best modern apartments in the market,” he added.
Maitham Abdulla, Batelco CEO, stated: “We are delighted to partner with Grnata to deliver apartments that match the evolving demands of modern-day living. We are confident that Batelco’s solutions, designed for a contemporary lifestyle, will offer convenience and efficiency, elevating the overall living experience for the Golden Gate towers residents.”
Mr. Abdulla further emphasized, “By integrating the latest smart home features and connectivity throughout the towers, we can provide residents with a lifestyle that is not only luxurious, but also highly convenient, efficient, and secure.” “Batelco is eager to expand its presence within the real estate sector and redefine the standards of contemporary urban living. This partnership with Grnata marks the beginning of an exciting journey, and Batelco looks forward to future collaborations and projects,” he concluded.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
