Latest Quarterly Figures From the ASFA Retirement Standard
Retiree standard of living (ASFA)
The latest quarterly figures from the ASFA Retirement Standard survey are in. For the December 2012 quarter, the figures shown to meet a comfortable or modest standard of living per year are:
These figures show a 2.0% increase for comfortable and 2.8% increase for modest over the last year, in comparison to a CPI increase of 2.2%. The main increases this quarter were due to:
- domestic holiday travel and accommodation (6.2%), and
- automotive fuel (2.6%).
Overall the cost of food decreased, with the main contributor being lower costs of vegetables due to more favourable growing conditions. However, the cost of poultry, fruit, cakes and biscuits increased.
Health costs also fell, largely due to pharmaceutical products but this was mainly as a result of a greater proportion of consumers exceeding the Pharmaceutical Benefits Scheme safety net compared to the September quarter 2012. The trend has been for significant increases in health costs which will have a big impact on retiree budgets. Over the last 12 months, the health group increased by 7.7%.