Posted on: 05 October 2022
As South Australians brace for another potential hike to interest rates this afternoon - with economists predicting a 0.5 per cent rise - the Malinauskas Labor Government is still failing to offer any broad cost of living relief for families who are now thousands of dollars a year worse off.
In painful news for homeowners, it would be the sixth consecutive rate rise and see the cash rate soar to 2.85 per cent.
Add that to existing mortgage pain, growing electricity and grocery costs, and climbing fuel prices with the full excise recently reinstated, and the average South Australian household is set to be almost $12,000 worse off per year compared with December last year.
|
|
Avg. annual cost: |
Avg. annual cost: |
|
|
|
December 2021 |
Now |
Annual increase |
|
Mortgage |
$22,965 |
$32,246 |
$9,281 |
|
Electricity |
$1,823 |
$2,041 |
$218 |
|
Groceries |
$10,028 |
$10,556 |
$528 |
|
Petrol |
$3,108 |
$4,773 |
$1,665 |
|
Total |
|
|
$11,692 |
*Based on an average household with a $500,000 mortgage and two cars.
Unfortunately, South Australian families are being left to deal with these increases by themselves with the Malinauskas Labor Government not offering any broad cost of living relief. The only cost of living relief provided so far benefits just one in 10 South Australians*.
Shadow Treasurer Matt Cowdrey said while any cost of living relief is welcomed, Labor’s current measures don’t go far enough – and that’s why the Opposition has graded the Malinauskas Government an “F” for cost of living on its six month report card.
“South Australians are agonising over the rising costs of everyday items, so cost of living relief should be a top priority for Peter Malinauskas and it simply isn’t,” Mr Cowdrey said.
“Electricity bills are surging, the cost of groceries exploding, and mortgages about to skyrocket even further, but there is no broad cost of living relief on the horizon for South Australian families.
“South Australians are hurting so we need further investment in cost of living relief to save families from falling into financial hardship in the future.”
* Latest ABS Snapshot of Australia shows SA’s population from the 2021 Census is 1,781,516. Premier and Treasurer media release from 29/05/22 states “There are currently approximately 185,000 recipients” of the Cost of Living Concession.