Petrol drives rising cost of living

The Australian Bureau of Statistics (ABS) has released its cost of living indices for the June quarter, which revealed a rise in cost of living pressures across all five cohorts:

According to the ABS, the cost of living for households headed by working Australians rose by 1.6% in the year to June – the same as the 1.6% 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 1.9%, 1.9%, and 2.0% respectively over the year.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.