June 2024 Beforepay Cost of Living Index

Australians splurge on durables, capping off EOFY with a 3.7% spending increase.

The Beforepay Cost of Living Index for June 2024 is $62.91.

Durable goods shopping led a 3.7% month-on-month increase in daily average spending among Australian households, up to $62.91 in June from $60.69 in May, according to the June 2024 Beforepay Cost of Living Index.

An 8.2% spike in durable goods expenses during the end of the financial year (EOFY), pushing the daily average spend for the category up to $7.29 from $6.74. The overall month-on-month increase mirrors a trend seen during the same period last year.

A year-on-year comparison shows a 6.8% increase in overall daily average spending from $58.88 in June 2023.

According to the Index, daily average spend increased across all tracked household spending categories, except for utilities.

In addition to the increased spending in durable goods, food and drink expenses saw a similar increase, up 7.8% to $10.93 from $10.14.

• Other spending insights (based on daily average spend):
• Entertainment and leisure: Up 4% to $4.44, from $4.27
• Fitness and health: Up 3.2% to $2.94, from $2.85
• Shopping: Up 2.7% to $8.10, from $7.89
• Groceries: Up 2.4% to $14.83, from $14.48
• Petrol and auto: Up 0.9% to $7.55, from $7.48.

Utilities expenses remained relatively stable, decreasing 0.2% month-on-month to $6.83 in June from $6.83 May. The year-on-year comparison, however, shows a 14.2% annual jump in daily average spending on utilities, up from $5.98. 

Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here. 

Cost Of Living Sub-Category Descriptions

Below are brief descriptions that outline the type of expenses applicable to each spending category.  

Groceries

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.

Shopping

Spending on non-edible, non-durable goods, i.e. clothing, shoes, consumer packaged goods. 

Utilities

Spending on electricity, gas (home) and phone. 

Entertainment & Leisure

Movie streaming, tickets, mobile and console gaming, hobbies, bookshops and other recreation expenses.

Durable Shopping

Spending on long lasting products, such as white goods.

Fitness & Health

Any expenses on gyms, health insurance and chemists

Have questions? Reach out to mediaenquiries@beforepay.com.au for more information.

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. As of March 2024, the average annual individual Beforepay customer gross income was $65,783 (counting only the main source of income) with a broadly representative geographic and gender breakdown. The data may vary depending on the main bank account linked with Beforepay. To the maximum extent permitted by law, Beforepay and its related bodies corporate, make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this article and do 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.The Beforepay Cost of Living Index shows the average daily spend of Beforepay registered users across multiple household expense categories.