January 2023 Beforepay Cost of Living Index
Australian Household Spending Falls According to Beforepay Cost of Living Index
Beforepay’s monthly Cost of Living Index, which tracks the average daily spending of over 350,000 Australians, reveals that the average daily cost of living has fallen by 8% month-on-month from $62.02 in December 2022 to $56.83 in January 2023, which is a 1.6% increase year on year. This month to month decrease is slightly less than the same period last year when the cost of living dropped 9% from $61.21 to $55.95 in December 2021 to January 2022.
The Beforepay Cost of Living Index for January 2023 is $56.83.
Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here.
Key Spending Insights for January 2023
The data encompasses various household expenses including utilities, groceries, food and drink, shopping, petrol, and fitness and health.
The largest decrease in spending was seen in the shopping category with a 34% reduction from $9.73 to $6.44.
Durable spend also fell by 11% from $6.84 to $6.08.
Groceries remained unchanged at $15.27 per day. Minor decreases were observed in the food and drink, petrol, entertainment and leisure, and fitness and health categories by 4-8%, which are at comparable levels to last year's.
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.