April 2023 Beforepay Cost of Living Index
Retail spending drives 2.9% monthly increase in Beforepay Cost of Living Index
The average daily spend for Australians rose by 2.9% from $57.17 to $58.84 in April. According to the April 2023 Beforepay Cost of Living Index, discretionary expenses were the major contributors to the increase in average daily spending, with shopping and durable shopping up 7.8% and 7.7% respectively month-on-month. Year-on-year daily spending remained relatively flat down 0.9% from $59.35 in April 2022.
The Beforepay Cost of Living Index for April 2023 is $58.84
Utilities continue to strain the average Australian budget. While utilities spend fell 0.8% in April to $5.96 from $6.01 in March, it remains 18.7% above the level one year ago.
Fitness and health expenses also saw a spike in April spending, up 4.3% to $2.44 from $2.34 in March.
As Australians adjust to inflation and the higher cost of living, spending on household goods and necessities stabilised over the last month, with the Beforepay Cost of Living Index showing only minimal changes. Spending on groceries was up 1.2% to $15.24 from $15.06 in March, while petrol and auto spending dropped 0.3% month-on-month to $7.85 from $7.87.
Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here.
The Beforepay Cost of Living Index includes various household expenses such as utilities, groceries, food and drink, shopping, petrol, and fitness and health, providing a comprehensive overview of consumer spending.
Cost Of Living Sub-Category Descriptions
Below are brief descriptions that outline the type of expenses applicable to each spending category.
Grocery stores where raw vegetables and meat are sold.
Food & Drink
Any restaurant, pub or vendor that sells food that is not prepared or processed, i.e. not groceries.
Petrol & Auto
Any spending on petrol, car maintenance and car accessories.
Spending on non-edible, non-durable goods, i.e. clothing, shoes, consumer packaged goods.
Spending on electricity, gas (home) and phone.
Entertainment & Leisure
Movie streaming, tickets, mobile and console gaming, hobbies, bookshops and other recreation expenses.
Spending on long lasting products, such as white goods.
Fitness & Health
Any expenses on gyms, health insurance and chemists
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About the Beforepay Cost of Living Index
The Beforepay Cost of Living Index shows the average daily spend of Beforepay registered users across multiple household expense categories. This article contains selected summary information only and is provided for general information purposes only. The Cost of Living Index data is derived from a Beforepay user’s average daily spend in selected household expense categories per person. The data may vary depending on the main bank account linked with Beforepay. The numbers have not been adjusted for seasonality. To the maximum extent permitted by law, Beforepay and the related bodies corporate of Beforepay, make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this article. To the maximum extent permitted by law, Beforepay does not accept any liability for any loss whatsoever arising from the use of this article or its contents or otherwise arising in connection with it.