The Australian Bureau of Statistics (ABS) today released its cost of living indices for the June quarter, which revealed subdued cost of living pressures across the different cohorts (see below table).
According to the ABS, the cost of living for households headed by working Australians rose by only 1.0% in the year to June – below both the 1.5% average weekly earnings growth (to November 2015) and in line with the 1.0% 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%, 0.7% and 1.1% respectively over the year.
Overall, clothing and footwear, health and transport were the main drivers of the rising cost of living across all cohorts, whereas food, communications and recreation were the detractors (see below table).
