June 2023 Beforepay Cost of Living Index
End of financial year shopping drives 6.1% increase in daily spending for June 2023
Daily spending rose by 6.1% from $55.49 in May 2023 to $58.88 in June 2023, according to the Beforepay Cost of Living Index. This was primarily driven by a 26.1% increase in shopping expenses, with the average daily spending up from $6.48 in May 2023 to $8.30 in June 2023. Daily spending also increased year-on-year, up 4.7% from $56.24 in June 2022.
Spending across all categories rose in June 2023. With the largest increases seen across discretionary spending categories, this could be attributed to a combination of end of financial year sales and continued inflation.
Following the spike in shopping expenses, which includes items such as clothing, footwear and cosmetics, durable goods was the second largest category that saw a 9.1% increase from $6.01 in May 2023 to $6.55 in June 2023.
Spending on fitness and health increased moderately by 7.2% from $2.23 in May 2023 to $2.39 in June 2023, as did entertainment and leisure expenses up 5.5% from $2.89 in May 2023 to $3.05 in June 2023.
There was minimal change seen across daily spending on necessities, with groceries increasing by only 0.6% from $14.62 in May 2023 to $14.70 in June 2023, and petrol and auto up by 1.5% from $2.89 in May 2023 to $3.05 in June 2023.
The Beforepay Cost of Living Index for June 2023 is $58.88.
Utilities increased 3.8% from $5.76 in May 2023 to $5.98 in June 2023, although may be due to increasing energy costs.
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, and is drawn from the spending data of more than 400,000 Australians.
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.