Australian pensioners are enduring the very best enhance in residing prices in 16 years, new knowledge from the Australian Bureau of Statistics (ABS) has revealed.
The annual enhance in residing prices hit 4.9 per cent for age pensioner households – households whose fundamental supply of earnings is the pension – marking the biggest enhance because the September 2006 quarter.
When measured on a quarterly (or three-month) foundation, age pensioner households recorded the biggest rise in residing prices since September 2000.
Head of Costs Statistics on the ABS Michelle Marquardt stated pensioners had been being impacted by jumps in the price of meals and non-alcoholic drinks as groceries comprise a better proportion of their common bills.
"These households had been additionally extra affected by will increase in housing prices, as they've comparatively larger expenditure ranges on utilities, upkeep and restore, and property charges," Ms Marquardt stated.
"Automotive gasoline and meals costs contributed to larger residing prices for all Australian households, with gasoline costs growing by round 35 per cent and meals costs rising by greater than 4 per cent prior to now 12 months."
The extreme enhance comes off the again of market-beating inflation knowledge launched final week that confirmed all Australians had been affected by the biggest quarterly and annual enhance in inflation because the introduction of the Items and Companies Tax (GST) in 2000.
The annual worth inflation for petrol was additionally recorded to be the very best since Iraqi invasion of Kuwait in 1990.
Startling charges of inflation particularly for pensioners comes as Prime Minister Scott Morrison introduced his authorities would freeze the deeming fee for pensioners for 2 years.
The deeming fee is a monetary measure the federal government makes use of to evaluate how a lot cash pensioners are receiving off investments, with a freeze on the speed estimated to avoid wasting pensioners as much as $1300 a 12 months.
"What we're asserting right here on deeming charges is about giving self-funded retirees and pensioners a good go. They've saved laborious for his or her retirement," Mr Morrison stated.
"They have been doing it powerful during the last two or three years as properly.
"We wish to be sure that they've a good go going ahead and that is what our financial protect is all about."
Is the age pension not sufficient to cowl your each day bills? We wish to hear from you. Get in contact with reporter Stuart Marsh by way of smarsh@9.com.au
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