There is little light on the horizon for Australians Bitten by Cost of Living Crisiswith a series of bills and expenses that will increase in the new fiscal year.
Comparison site Finder Research released on Monday showed the top stressors for Australians.
It turned out that groceries topped the list, followed by gasoline, rent and mortgage payments, and energy.
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The power crisis in June brought rising energy bills to the fore.
Prices of standard offerings in the market rose significantly, especially in New South Wales, South East Queensland and South Australia – 18.3 percent, 12.6 percent and 9.5 percent respectively.
That equates to the average utility bill in NSW increasing by a whopping $63 per quarter or $252 per year.
In Queensland and South Australia, the potential increase averages $144 and $136 per year.
Mortgage holders are also in more pain, with the Reserve Bank of Australia board meeting on Tuesday.
In the past two months, rates have increased from a record low of 0.1 percent.
Finder says the average homeowner with a $610,000 loan will see their monthly repayments increase by $351 per month, which is equivalent to $4,214 per year if their rate were to increase by 100 basis points, or 1 percent.
A 2 percent increase from the current cash interest rate would cost the average borrower $8683 more per year, or $724 per month.
Mobile spending is also rising, Finder found.
Telstra’s mobile plans are increased by up to $4 per month.
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From August, Optus will start charging customers for Optus Sport, which until now has been free for those with a subscription.
Health insurance premiums rose by an average of 2.7 percent in April.
However, many insurers postponed price increases until September or October.
In January 2022, the average monthly health insurance premium for a single person cost $167.
But with the price increases, the average policyholder could see their premiums increase by $54 a year.
The many walks increase the pressure on the household budget.
The Australian Bureau of Statistics will publish new inflation figures at the end of July.
It previously found that inflation for the year to the March quarter was 5.1 percent.
Sarah Megginson, money editor at Finder, said rising bills will be a “bitter pill to swallow” for already struggling Australians.
“While households have many unavoidable ongoing expenses, investing a few hours of time comparing your products and providers can save you hundreds or even thousands of dollars a year,” she said.
“If you own a home, refinancing your mortgage is a big one because it’s probably your biggest expense.
Check your interest rate and see if you can find a better deal than what you’re currently paying — Finder’s RBA Economist Panel predicts more rate hikes in 2022.
“If you take the time to switch from energy supplier to a leading offering, you can save up to $300 a year.”
Megginson said there was a golden rule at the end of the day: “If you think you’re paying too much, you’re probably right.”
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