National 'misery index' up 220 per cent as Aussies struggle

New information has revealed the expansion of Australia’s “misery index” is sort of as excessive because it was throughout the world monetary disaster, on account of climbing inflation and rates of interest.

During 2022, the index jumped by nearly 220 per cent, in comparison with a 62 per cent enhance within the 12 months to the beginning of the GFC in 2007-2008.

The index has tracked inflation, rates of interest and unemployment in Australia since Nineteen Sixties.

Reserve Bank to announce new cash rate — Rising rates of interest have pushed Australia’s “misery index” excessive, new analysis reveals. (Supplied)

The evaluation by University of Melbourne economists Guay Lim and Sam Tsiaplias confirmed the index would probably stay excessive for a while, the Sydney Morning Herald reported.

Despite inflation retreating barely in current months, the unemployment price and rates of interest had continued to rise.

About one in three economists are predicting one other price rise from the Reserve Bank of Australia tomorrow.

Another 0.25 per cent enhance might see individuals with a median $600,000 mortgage paying as much as $17,000 additional a 12 months because the RBA started lifting rates of interest final May.

But one other important issue within the monetary stress going through households was transport.

According to new analysis from the Australian Automobile Association, the price of operating a automobile throughout the March quarter lifted by 7.4 per cent, or $28.31 every week on common.

In Melbourne and Brisbane that elevated to $34 every week.

Although Sydney noticed one of many lowest will increase among the many capital cities, at about $18 every week, it is nonetheless the most costly place to have a automobile, with related prices sitting at about $510 every week.