Business

How Australia’s cost-of-living increases compare to the rest of the world

Australians are not the only ones who have been struggling to make ends meet as cost-of-living prices soar around the world.

Residents have been bombarded with price hikes in almost every aspect of life with petrol prices jumping to new highs, electricity bills increasing by as much as 141 per cent, and mortgage repayments jumping by hundreds of dollars.

The financial pressure has been felt all over the world with countries like Singapore wrestling with a rental crisis, the UK enduring record fuel prices and Japan preparing for energy bill hikes.

Australians are not the only ones who have been struggling to make ends meet as cost-of-living prices soar around the world (pictured, customer shopping at Woolworths)

The financial pressure has been felt all over the world with countries like Singapore wrestling with a rental crisis (pictured, apartment complexes in Singapore)

The financial pressure has been felt all over the world with countries like Singapore wrestling with a rental crisis (pictured, apartment complexes in Singapore)

SQM Research, which observes property trends, found the average house rent in Australia’s major cities jumped by 16.3 per cent to $657 a week in the past year.

But rents have risen by almost double overseas with prices jumping up by 30 per cent in Singapore.

One resident has been paying AU$2,538 a month to rent a 35sqm ‘pocket’ apartment in the Tanjong Pagar district.

He was forced to move out in a matter of days as his landlord plans to increase the rent and charge the new tenant an extra AU$1,000.

‘The landlord was great during Covid and I don’t blame them for making the most of increased demand, but it’s just too high for me,’ he told the Australian Financial Review.

Huttons associate district director Christopher Quek said demand was outpacing housing availability with an influx of expats making their way into Singapore since the country relaxed Covid restrictions.

‘It’s primarily an under-supply problem, and it will last at least until the end of this year, longer for bigger properties,’ he said.

Desperate renters are signing two year leases for a property before they have even stepped foot in them.

Petrol prices also rose substantially with unleaded and diesel costing drastically more per liter overseas than in Australia.

According to the latest NRMA weekly fuel report, the highest NSW prices for E10 reached 224.9, unleaded topped 237.9 and unleaded premium sold for 249.9.

the United Kingdom battling record fuel prices with motorists paying an average of AUD$3.17 a liter for Unleaded

the United Kingdom battling record fuel prices with motorists paying an average of AUD$3.17 a liter for Unleaded

According to the latest NRMA weekly fuel report, the highest NSW prices for E10 reached 224.9, Unleaded topped 237.9 and Unleaded Premium sold for 249.9

According to the latest NRMA weekly fuel report, the highest NSW prices for E10 reached 224.9, Unleaded topped 237.9 and Unleaded Premium sold for 249.9

Petrol prices are drastically higher in Singapore with motorists paying more than $3 per liter for unleaded and diesel.

The prices at the pump are just as dire elsewhere with fuel rates rising at the fastest pace in the UK since 2005.

A liter of unleaded petrol costs an average of AU$3.17 with the highest price sitting around AU$3.49.

Last week, the cost of filling up a family car hit AU$174.74 for the first time.

The sky-high prices prompted the British competition watchdog to carry out an ‘urgent’ review of the fuel industry.

Business Secretary Kwasi Kwarteng wrote to the Competition and Markets Authority criticizing the industry for failing to pass on fully the 5p fuel duty cut announced in March.

The watchdog was asked to make recommendations on how to strengthen competition in the retail fuel market and the transparency that consumers have over prices.

Everyday residents have been bombarded with price hikes in almost every aspect of life with petrol prices jumping to new highs, electricity bills increasing by as much as 141 per cent and mortgage repayments jumping by hundreds of dollars (pictured, customers at Woolworths)

Everyday residents have been bombarded with price hikes in almost every aspect of life with petrol prices jumping to new highs, electricity bills increasing by as much as 141 per cent and mortgage repayments jumping by hundreds of dollars (pictured, customers at Woolworths)

In the year to March, wholesale electricity prices have soared by 141 per cent in Australia, prompting one power company boss to urge his 70,000 customers to switch provider (pictured, Liddell power station in Muswellbrook)

In the year to March, wholesale electricity prices have soared by 141 per cent in Australia, prompting one power company boss to urge his 70,000 customers to switch provider (pictured, Liddell power station in Muswellbrook)

Electricity rates also soared around the world with big power companies hiking up prices to cope with rises to cost-of-living.

In the year to March, wholesale electricity prices have soared by 141 per cent in Australia, prompting one power company boss to urge his 70,000 customers to switch provider.

Financial comparison group Finder is predicting electricity prices for some households to climb by up to 100 per cent from July 1, effectively doubling the price.

Japan is bracing itself for a massive increase with the four big power companies in the country announcing in May that electricity rates would rise in July.

Bills are likely to become 20 per cent more expensive than they were last year – making it the highest price in five years.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button