Housing, food and transport now account for half of Australian’s household spending, according to a six yearly survey released by the Australian Bureau of Statistics (ABS).
The ABS’ latest Household Expenditure Survey has revealed an increase of 38 percent on money spent on household goods and services, since the previous 2003-4 survey.
The ABS also found that the greatest increases in average weekly spending were housing costs; up $80, and miscellaneous goods and services; up nearly $40. Increases in housing costs can be put down to increases in mortgage interest payments and rent payments equally.
Australians also appear to be adopting a change in lifestyle and leisure choices.
Results show Australians allocating more spending than ever to indulgences like recreation; up almost $50 per week, and food and non-alcoholic beverage; $51.
The Northern Territory and the Australian Capital Territory recorded the highest average weekly expenditure, leaving South Australia and Tasmania at the bottom.
Despite overall living cost increases showing a change in Australian spending priorities, they must be considered against the consumer price index, which has seen a considerable increase of 19 percent.
The ABS survey confirms speculations that real living standards have increased over the last five years.
Where will it go from here?
