The Australian Bureau of Statistics (ABS) today released its cost of living indices for the March quarter, which revealed increasing cost of living pressures across cohorts, but especially pensioners and welfare recipients (see below table).
According to the ABS, the cost of living for households headed by working Australians rose by 1.5% in the year to March – above December’s 1.0% growth but below both the 1.6% average weekly earnings growth (to November 2016) and the 2.1% 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 2.5%, 2.5% and 2.0% respectively over the year.
Overall, Health, Education and Transport were the main drivers of the rising cost of living across most cohorts, whereas Clothing & footwear and Food and non-alcoholic beverages were the main detractors (see below table).
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