Cost of living report reveals disposable income may be growing
One of the principal concerns for experienced homeowners and first time buyers alike is the change in lifestyle that comes from being financially responsible for their own property.
Aside from mortgage costs, the ratio between total household income and the costs of living are often the focus of intense debate.
However, a new industry report from AMP suggests that many Australians are better off in the modern day than they were in past decades.
Research conducted by the National Centre for Social and Economic Modelling (NATSEM) on behalf of AMP produced the Income and Wealth Report shows that disposable income has been steadily
increasing
According to the AMP-NATSEM review, growing incomes levels and steady cost-of-living rates have pushed the amount of money not spent on basic essentials up by 20 per cent over the last 27 years.
In modern terms, average households are better off by around $224 per week - despite growth in areas such as energy, and transport expenses.
Speaking on the report's findings, managing director of AMP Financial Services Craig Meller explained that workplace demands were playing a major role in defining household spending.
Many Australians are leading busier lives and facing greater demands on their time, which means we're now paying for things we may not have previously, such as childcare, gardening and housekeeping," asserted Mr Meller.
