New data shows the daily cost of living for the average Australian in September dropped 29% compared to the previous month. However, costs still remain 1.6% higher year on year. In dollar terms, the average daily costs dipped from $83.27 in August to $58.81 in September.
The figures are drawn from the Beforepay Cost of Living Index, which summarises the spending of more than 300,000 Australians across several household expense categories including utilities, groceries, food and drink, shopping, petrol and fitness and health.
Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here.
There was a drop in spending on food and drink, shopping, utilities, durable shopping, and fitness and health to similar figures seen in July 2022.
Several categories such as groceries, petrol and auto, and entertainment and leisure returned to similar levels to September last year.
The cost of living remains 1.6% more expensive than this time last year. The biggest annual increase was in food and drink, with Australians spending $11.15 in September 2022, compared to $9.64 last year.
Below are brief descriptions that outline the type of expenses applicable to each spending category.
Grocery stores where raw vegetables and meat are sold.
Any restaurant, pub or vendor that sells food that is not prepared or processed, i.e. not groceries.
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.
Movie streaming, tickets, mobile and console gaming, hobbies, bookshops and other recreation expenses.
Spending on long lasting products, such as white goods.
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. 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.