Business

We actually are better off!

Australian household income is outpacing the cost of living over the longer term, with disposable incomes increasing 20% over the past 27 years.
Australian household income is outpacing the cost of living over the longer term, with disposable incomes increasing 20% over the past 27 years.

WE MIGHT all be crying poor but new statistics indicate otherwise.

According to the latest AMP NATSEM Income and Wealth Report, Australian household income is outpacing the cost of living over the longer term, with disposable incomes increasing 20% over the last 27 years, while the average family is better off by $224 per week in real terms.

The AMP NATSEM Income and Wealth Report explored how living costs have changed since 1984 and found that average income growth for Australian households across all income and socio-economic groups more than covered the cost of living over this period.

However, cost of living pressures continued with strong price growth since 1984 across everyday essentials including electricity, which increased 253%, rent (up 223%), mortgages ( up 256%), petrol (up 208%) and public transport costs (up 287%).

This growth was partially offset by dramatic drops in audio visual and computing, which now cost
one tenth what they did in 1984, while average prices for clothing, footwear and major household
appliances have changed little, and are often lower today than 27 years ago.

Among the reports key findings were that:

  • We're spending more on discretionary items

Overall households are spending a greater proportion of income on services such as private
schooling, restaurant meals, childcare and tertiary education.

  • Incomes have outpaced the cost of living across the board since 1984

Couples with children have seen their income grow by 37%, single parent incomes have
grown 34% and working families 22%.

  • The cost of services have increased strongly since the 1980s

Education expenses for secondary students have grown by 264%, or 4.9% per annum,
mostly attributed to higher private school fees. Medical, dental and insurance costs have
increased at even greater rates, jumping 560%, 356% and 346% respectively.

  • The costs of many imported goods shrank since the 1980s

The lower or stagnant prices of clothes and footwear, computing and audio visual equipment
have all helped to offset price increases in other areas.

  • Work demands have driven increases in childcare spending
  • Australia's petrol prices are among the lowest in the world

Only Canada, USA and Mexico have cheaper petrol prices in the developed world.



Next NSW Premier Gladys Berejiklian to tackle One Nation

NEW South Wales’s first female Liberal premier Gladys Berejiklian has vowed to fight Pauline Hanson’s One Nation

“People want to be heard —not just at elections but at all times."

Coffs tourism overhaul announced

NEW FACE FOR TOURISM: The visitor centre at the Big Banana will soon be closing its doors.

Coffs tourism undergoes a facelift as part of new council strategy.

A special kind of love

Petbarn Coffs Harbour store manager, Adam Rose.

Find unconditional love this valentines day in a four legged friend.

Local Partners

Things to do on Australia Day on the Coffs Coast

There is plenty of activities this Australia Day on the Coffs Coast


Fans invited to meet Jets at training session

FLYING IN: Catch the Newcastle Jets at the free training session at the international stadium on Thursday.

Catch up with the Newcastle Jets at the free training session

Legendary batsman opens up

STAR: Sir Viv Richards.

Cricket hero Sir Viv Richards will tell his tale at Coffs race club

Puppetry of the Penis secrets revealed ahead of show

The famed Puppetry of the Penis is coming to the Sunshine Coast for shows in Noosa and Caloundra.

WARNING: This interview contains adult themes and traces of nuts

Kristen Stewart to host SNL

Kristen Stewart will host a pre-Super Bowl episode of SNL next month

Louis Tomlinson celebrated his son's first birthday

Louis Tomlinson and Briana Jungwirth celebrate son's first birthday

Kylie Minogue will take husband's name

Kylie Minogue will take her fiancé Joshua Sasse's surname

Nicole reveals her biggest parenting challenges

Actress Nicole Kidman.

Nicole Kidman says her kids are ‘deeply attuned' to her moods.

Suicide Squad director reveals his regrets about the film

Margot Robbie in a scene from the movie Suicide Squad.

DIRECTOR of superhero flick on what he’d change about ‘flawed’ film.

Meet the new Marco on MasterChef Australia: Yotam Ottolenghi

Israeli-born, London-based chef Yotam Ottolenghi will be a guest chef for a week on the 2017 season of MasterChef Australia.

AFTER Marco’s defection to Seven, MasterChef signs a true food hero.

Auction breaks Moonee Beach sale record

RECORD PRICE: This Estuary Dr home sold for 1.355 million at the weekend

An Estuary Dr property has achieved a record residential price

Stockland's $150m pitch: Build it and they will come

Gladstone Marina. The Gladstone Regional Council offers a range of exciting job opportunities. Photo Contributed: Murray Ware.

Here's why we need to see Stockland upgrade start soon.

Steady growth in a Coffs buyer's market

Boambee stood out as the region's most expensive suburb for houses with a $650,000 median sale price.

Lower price ranges stand out as Coffs property best sellers

Thousands of jobs part of $1b retirement village project

THIS YEAR: An artist impression of the new Aveo retirement village in Springfield.

Aveo Springfield unveiled this month, homes ready by July

Our coastline suburbs offer cheapest beach living in NSW

GOING CHEAP: You can snap up a property at Nambucca Heads for as little as $95,000.

Could you imagine buying a beach property for less than $100,000?

Ready to SELL your property?

Post Your Ad Here!