QIC's new small-format digital advertising network is now fully operational, with more than 250 high-definition screens ready to support retailers and advertisers through the critical Christmas trading period.
The network spans 12 centres across Queensland, New South Wales, Victoria and the ACT, delivering advertising options that serve both local businesses and national brands. Managed by our in-house Brand iQ specialists in partnership with oOh!media, the initiative adds small-format screens to our existing large-format digital displays.
The screens are positioned in high-traffic zones throughout flagship destinations including Castle Towers, Canberra Centre, Eastland, Robina Town Centre and Watergardens. These join established installations at neighbourhood centres including Bathurst City, Big Top, Forest Lake, Kippa Ring, Nerang Mall, Pittwater Place and The Village Upper Mt Gravatt that have demonstrated strong performance since launching last year.
This week saw bad news on Australian inflation on two fronts, with CPI data showing prices rose more than expected in the September quarter, and the 2022/23 October Federal Budget signalling that more inflationary pressures were in store over the next year.
The September quarter CPI data released by the Australian Bureau of Statistics (ABS) during the week revealed that consumer prices rose 1.8% in the quarter, to be 7.3% higher over the year. This was more than expected by economists (7% y/y according to the Bloomberg survey median) and QIC (6.8% y/y), and was the fastest rate of annual inflation since 1990. In addition, the strong rate of inflation occurred despite a 4.3% quarterly fall in petrol prices. This was the first quarter in two years to see a fall in petrol prices, and follows a period where petrol had been contributing strongly to inflation.
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Bryan Adams - CEO
So, what has driven this latest bout of price rises? With the number of dwellings under construction at an all-time high, new dwelling purchase prices again rose strongly, up 3.7% in the quarter and 20.7% over the year, and contributing 0.4ppt and 2ppt to quarterly and annual inflation, respectively. There was some good news, as the quarterly rate had fallenA from 5.6% q/q in 2022Q2, and the annual rate only rose marginally from 20.3% y/y in the June quarter. Nonetheless, with so much housing construction still in the pipeline, new dwelling prices are likely to keep rising in the near term.