The Australian Bureau of Statistics (ABS) today released its cost of living indices for the March quarter, which revealed either flat or falling cost of living across the different cohorts (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 March – below both the 1.5% average weekly earnings growth (to November 2015) and the 1.3% 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 1.1%, 0.8% and 1.1% respectively over the year.
Overall, declining food, clothing, furnishings, transport (petrol), communications, and recreation costs were the drivers of the falling cost of living across all cohorts (see below table).
By contrast, education and health costs surged.
