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CPI re-referencing: Impact on Treasury Indexed Bonds

30 October 2025

The Australian Bureau of Statistics has announced that it will publish the first complete monthly measure of the Consumer Price Index (CPI) for the October 2025 reference period on Wednesday, 26 November 2025 (see ABS announces the Monthly CPI to start in November 2025 | Australian Bureau of Statistics).

The ABS also announced (see Monthly and quarterly data series | Australian Bureau of Statistics) that:

  • “The ABS will continue to produce a quarterly CPI data series (calculated as the average of the three relevant Monthly CPIs) to support those needing quarterly CPI figures for indexation, contract or other purposes.”; and
  • "The previously published quarterly index will be re-referenced and aligned to the new monthly series.”

The quarterly CPI data series will continue to be used for the purpose of calculating p and Kt values for existing Treasury Indexed Bonds.

From the December 2025 CPI release, scheduled for publication on Wednesday, 28 January 2026, all index numbers will be calculated on a new index reference period of September 2025. A conversion factor will be applied to adjust index values in the periods prior to September 2025. This adjustment resets the index levels while preserving the underlying quarterly movements. Period-to-period percentage changes may differ slightly to those previously published due to rounding and the re-referencing. These differences do not constitute a revision.

The p and Kt values relating to Treasury Indexed Bond coupon interest payments are available under the Other Historical Data Sets heading in the Data Hub on the AOFM website: https://www.aofm.gov.au/data-hub.