Living Standards Rising In Australia

By Dex Tennyson, for 26 March, 2015

Expats in Australia will be pleased to hear that standards of living are once again on the rise thanks largely to cheaper energy and fuel costs.

A report issued by the National Centre for Social and Economic Modelling (NATSEM) shows that standards of living began to improve in 2014, after two years of little change.

The cost of living rose by just 1.4 percent during 2014, while incomes rose by 2.7 percent, boosting Australian disposable incomes and therefore general living standards. The cost of tobacco, alcohol, food, and health care rose most over the period.

Low interest rates have also made mortgages more affordable, with those aged between 25 and 64 said to be an average of AUD318 (USD250) better off as a result.

NATSEM's Ben Phillips said: "The report reflects on Australia's standard of living through the past 26 years... Australian households are around 59 percent better off today than they were in 1988, after accounting for their cost of living, representing a financial gain of just over AUD30,000 per year on average."

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