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Where did all the money goWilson Luna
Is consumer spending a mystery to you? Then take a look at this data on where Aussies spend their money. But while the info is interesting, you might not want to alter your budget after reading it … We’ve talked before about the disappearing coin trick – you know, where one minute you had money and the next it’s gone. While that might be fun when it’s done by a magician (because you can usually count on getting your coin back when the show is over), it’s a lot less entertaining when the cash is vanishing out of your pocket. And according to the Australian Bureau of Statistics, we’ve been parting with a whole lot of cash that most of us would probably prefer to hang on to. The recently released Household Expenditure Survey says that the average household income in Australia has gone up 50 per cent since the last time the survey was conducted in 2003/04 – and then the research boffins took a look at where we’re spending all that extra cash we were supposed to have. Interested to see where all your hard-earned dough is going? Well, here we go …
Housing
Food and drink Groceries and non-alcoholic beverages jumped $51 a week - an increase of 34 per cent. On the other hand, spending on alcohol jumped up around 40 per cent, because let’s face it: we’re Aussies, and if we have to have a financial crisis, it’s going to be a financial crisis that includes a cold beer with our mates! Miscellaneous goods and services These rose 46 per cent, partly due to the increase in primary and secondary school fees – those were up by 107 per cent, but before you start panicking, it’s probably worth noting that in dollar terms, the price rise was only an average of $10 a week, so maybe not as bad as it first seems. And childcare spiked as well – skyrocketing up a staggering 84 per cent! (That one’s more serious in money terms – and childcare fees weren’t high enough already anyway, right?) Recreation Well, one thing you can say about us Aussies is that we know how to have a good time … we spent 50 per cent more on meals out and fast food, 95 per cent more on pay TV (so many major sporting events, so few on free-to-air), 68 per cent more on meals in restaurants, hotels and clubs and 152 per cent more on internet. All right, those are the facts. Now here’s the kicker: strictly speaking, these numbers aren’t new. Though they were only released recently, they’re based on a survey that was completed in June 2010. That means that they haven’t taken the most recent price hikes into account: in other words, this is yesterday’s news – and last year’s spending habits. The ABS numbers make up a great picture of the trends of consumer spending but they don’t necessarily represent your budget (particularly not your current budget). Keep an eye on your money, keep a lookout for the best deals and, remember, although it seems as though that coin disappears into thin air, the magician always knows where it is! Oh – and enjoy that cold beer (we know you will!).
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Tags: best saving, price rise, consumer spending
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Author's Biography |
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Wilson Luna is an author, wealth adviser and founder of Your Family Your Money. Your Family Your Money’s goal is to simplify traditionally complex financial strategies, demystify financial jargon and debunk common financial myths, becoming every family’s first stop for financial advice, information and inspiration. |
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