The prices of some household essentials have soared nearly four times the headline inflation rate since the Coalition came to power in 2013, despite Scott Morrison’s efforts to cut major weekly expenses.
As new figures suggest the cost of building a home will get even more expensive this year, a breakdown of data from the Australian Bureau of Statistics shows huge price increases for everything from insurance to postage of a child in high school.
The cost of living has been at the center of Prime Minister and Labor leader Anthony Albanese’s election campaign, with both saying their parties are best placed to help Australians cope with higher prices.
Since the Coalition was elected in 2013, overall prices have risen 17.8% in Sydney and 18.5% in Melbourne, according to an analysis of ABS data by The Sydney Morning Herald and age. During this period, wages increased by 18.2% in New South Wales and 19.9% in Victoria.
But the prices of so-called non-discretionary goods – which account for around 60% of all household spending – have exceeded the headline inflation rate.
The cost of buying new homes has risen 37% in Sydney and 31% in Melbourne. Housing costs are the biggest expense for Australians, accounting for nearly 9¢ of every dollar spent.
The cost of secondary education increased by 46% in Sydney and 44% in Melbourne over the same period.
Despite government efforts to limit childcare costs, they are now 32.6% higher in Melbourne than at the end of 2013, while in Sydney they have risen by 45.1% .
Annual inflation increased by 5.1% in the March quarterthe highest rate since the introduction of the GST, while underlying inflation is at its highest rate since 2009.