The Australian Bureau of Statistics (ABS) today released its cost of living indices for the December quarter, which revealed minimal cost pressures for the typical Australian worker, with pensioners and those on welfare fairing slightly less favourably (see below table).
According to the ABS, the cost of living for households headed by working Australians rose by only 1.1% in the year to December – below both the 1.2% average weekly earnings growth (to May 2015) and the 1.7% increase in the Consumer Price Index (CPI).
For households headed by Australians on benefits, old age pensioners and self funded retirees the cost of living rose by only 1.3%, 1.2% and 1.6% respectively over the year.
Overall, declining heath, transport (petrol), and health costs were a key driver of the falling cost of living across all cohorts (see below table).
