The cost of living is on the rise in Australia, and it’s only going to get worse. According to the RBA, inflation is currently at 3.5% and is expected to increase further in the coming months. This means that living costs are about to explode…even more.
Let’s look at the most significant contributors to living costs in Australia.
PETROL
We’ve all seen the Harry Potter meme, ‘Expecto Petroleum,’ and had a giggle, but the rising fuel cost is very concerning. Unfortunately, petrol prices increases are also putting pressure on travel agencies and airlines who have to up their prices to adjust to the cost increase. Petrol prices have almost doubled in the past decade. As of March 2022, you’ll be lucky to find a station with fuel below the $2. Some stations are charging upwards of $3.
REAL ESTATE
Property prices have been rising since 2020, and coming into mid-2022, it’s not showing any signs of backing off. This is bad news for renters, as they will continue to see their rental prices increase. And the opportunity for first home buyers to enter the market is becoming increasingly difficult, with other living costs contributing to expenditure.
CONSUMABLES
With living costs on the increase, it’s not surprising that food and other consumables are also costing more. The price of groceries has been slowly increasing for a while now. Unfortunately, prices are set to jump even higher to around three percent in the next 12 months alone. These price rises are due to several factors, including drought conditions, foreign affairs, and the rising fuel cost.
ELECTRICITY
Electricity is another considerable living cost that is on the rise. According to the Parliament of Australia, “Recent increases in the cost of domestic electricity and gas have reignited concerns around the increasing cost of living in Australia.” Further explaining that electricity prices have increased by a massive 100.9% over the last decade.
On that note, let’s chat about:
WHY NOW IS THE TIME TO GO SOLAR
One way to combat the increasing costs is to install solar panels. Solar energy is a great way to reduce your monthly expenses. With Australia’s generous rebates and long-term returns on your investment, there’s no reason not to make the switch.
Solar energy is a clean and renewable energy source that can power your home or business. Solar panels convert the sun’s rays into electricity, which can run appliances and lights. Solar panels are becoming increasingly popular in Australia as they offer several benefits, including:
– Reduced electricity bills: Solar panels can save you money on your electricity bills by offsetting the cost of power from the grid.
– Government rebates: The Australian government offers many rebates and incentives for installing solar panels, making them more affordable.
– Environmental benefits: Solar energy is a clean and renewable energy source that doesn’t produce greenhouse gases or other pollutants.
Now is the time if you’re considering making the switch to solar. Contact EFS Solar today for a quote on solar panel installation for your home or business. We’ll help you take advantage of Australia’s rebates and switch to renewable energy.
