Campbelltown citizens continue to struggle with the cost of living as Australia’s inflation rates reach 7.3%, the highest level since 1990.
Data released this month by the Australian Bureau of Statistics (ABS), revealed that the overall cost of living has increased by 23.4%, which is the fastest rise since the introduction of the GST more than 20 years ago.
This is almost three times the pace of wage growth.
Financial advisor, Christopher Luff said the rate has been primarily driven by the increase in food and fuel costs this year and recommends that people in the Macarthur region prepare for it to continue rising.
“Australia’s monthly food price rose 5.9% in the July quarter and this trend will more than likely continue on for another 6 or 12 months,” Mr. Luff said.
“Macarthur residents will find that they’ll have to tighten their belts with the rise in interest rates, rise in food prices, petrol prices, and overall cost of living.
“We encourage clients to be careful about what they spend, have a backup plan, try to keep their gunpowder dry, and be wary of any debts.”
The average weekly grocery shop costs MacArthur residents $203, whilst petrol costs citizens around $94.80 per person.
Professional photographer, Amanda Margharitis travels frequently for work and has noticed a decline in customers since petrol prices began to rise.
“Last year I would spend less than $70 a week on petrol and now I regularly pay around $150 a week,” Ms. Margharitis said.
“I have had to incorporate a travel charge into the client’s invoice for travel outside my local area just to make up for these costs.
“It is stressful having to take such a huge chunk out of my earnings just to travel to a shoot.”
The soaring fuel and food prices reflect the current pressures of supply chain disruptions, increasing input costs, and weather-related events.
University Student Kaitlyn Smith has had to pay almost double the price for groceries and other necessities and has concerns about the costs in Campbelltown.
“I’m finding it extremely difficult to save enough money for food at the end of each week with prices of fruit, vegetables, and meat so high,” Ms. Smith said.
“I’m spending double what I used to, I have had to cut down my budget and miss out on visiting family on weekends due to the petrol prices.”
Rising fuel prices continue to be a significant contributor to cost of living pressures across both regional and metropolitan Australia.