Cost of living crunch eats up extra $383 per week as South Australians lose hope

Cost of living crunch eats up extra $383 per week as South Australians lose hope

Posted on: 08 June 2023

Strained South Australian families battling the cost of living crisis are being forced to find an extra $383 per week - or $19,912 each year - and are looking to next week’s State Budget to provide broad cost of living relief to help make ends meet.

The startling $383 figure has come from new Opposition analysis based off skyrocketing prices for housing, food, electricity, petrol, and other essentials for a family of four - comparing today’s prices with those from March 2022.

It considers yesterday’s interest rate hike - to 4.1 per cent - and changes in inflation, amounting to an extra $3,026 when compared to the Opposition’s original analysis in April. The updated figures do not include electricity bill rises that come into effect on July 1.

Leader of the Opposition, David Speirs, called on Peter Malinauskas to support struggling families with broad cost of living relief which doesn’t further contribute to inflation - like a $250 energy rebate for all South Australian households – with similar schemes introduced in other states and territories.

“The everyday South Australian household is now forking out an extra $383 every week, absolutely shattering family budgets across the state,” Mr Speirs said.

“When steep new energy prices come into effect next month, families will be even worse off having to find an extra $20,000 a year – which is why Peter Malinauskas must step up and help those who aren’t on concessions but are still struggling.

“South Australians are relying on Peter Malinauskas for broad cost of living relief in the State Budget which doesn’t further contribute to inflation, like our proposed $250 energy rebate for everyday households.”

Shadow Treasurer, Matt Cowdrey, said Peter Malinauskas and Anthony Albanese’s budget mismanagement has added to the state’s nation-leading inflation rate.

“Peter Malinauskas has been throwing taxpayer money around like it’s confetti since making $3 billion in promises before the election and now the chickens are coming home to roost and South Australians are paying the price,” Mr Cowdrey said.

“Huge spending by Peter Malinauskas and his federal Labor counterparts has directly impacted inflation and added to cost of living pressures being felt by South Australians.

“The state’s finances should be in a place to provide relief to all South Australians who need it, with an unanticipated GST windfall and historic tax revenue due to inflation, but Peter Malinauskas and Stephen Mullighan have blown the budget after just one year.

“Labor simply cannot be trusted when it comes to spending taxpayer money.”

The Opposition’s new calculations relate to an average family of four including two children aged eight and 12 who attend a public school. Parents work full-time and earn an average weekly salary, sharing the cost of a mortgage of $500,000.

The family has private health insurance, two cars, RAA memberships, streaming services, internet, and three mobile devices. They also have summer and winter sports club memberships and travel domestically once a year.