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The Australian Bureau of Statistics (ABS) has released its cost of living indices for the December quarter, which revealed a moderate rise in cost of living across all five cohorts, driven largely by rising tobacco prices:
According to the ABS, the cost of living for households headed by working Australians rose by only 1.0% in the year to December – below the 1.8% 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 1.8%, 1.8%, and 1.9% respectively over the year – basically in line with the CPI.
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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.
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