November 2023 Beforepay Cost of Living Index

Daily spending increased by 2.8% in November 2023 

Beforepay, Australia's leading ethical fintech company, has just released its Cost of Living Index for November 2023. The new data, which includes Black Friday spending, reveals a 2.8% month-on-month increase in daily average spending, moving from $60.52 to $62.23. This marks the second consecutive month of increase in daily spending for Australians. A year-on-year comparison shows a 2.9% increase from $60.48 in November 2022.

Shopping for consumables increased by 9.36% from $7.37 to $8.06, while durable goods also saw an increase of 8.93%, moving from $6.61 to $7.20 per day in average spend. This uptick is likely attributed to Black Friday and Cyber Monday discounts both in physical stores and online platforms.

Other spend categories also saw an uptick in spending. Fitness and health has increased by 4.88% from $2.46 to $2.58 while petrol and auto has increased by 2.81% from $8.18 to $8.41. 

The Beforepay Cost of Living Index for November 2023 is $62.52.

Nov23-final (2)

While petrol and auto costs showed a steady decline in September and October, the upturn observed in November is likely attributed to increased expenses in ancillary services such as vehicle parts and servicing.

Daily spend on utilities has also experienced a 4.62% increase, climbing from $6.06 to $6.34 month-on-month. This could reflect a seasonal increase in energy usage, expected to continue towards the end of spring and the beginning of summer as temperatures increase and air conditioning usage rises.

Spending on groceries and food and drink remained relatively stable month to month.

"We’re seeing normal seasonal patterns emerge, as consumers spend more in the run-up to the holidays," said Jamie Twiss, CEO of Beforepay. “It’s a fun time of year, but it can be a difficult time for Australians, when the opportunity to overspend presents itself.”

The November 2023 Cost of Living Index is based on a comprehensive survey involving over 350,000 Australians. It covers a wide range of household expenses, from utilities and discretionary spending like shopping and leisure activities.

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.  


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.

Durable Shopping

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.