Melbourne is a great city.
It’s known for its food, its art, its cappuccinos, and being categorically better than Sydney.
Unfortunately it’s also a very expensive city to live in.
And its getting more expensive year on year.Â
So what’s the breakdown of these costs?
The median cost of rent is $560 a week, give or take depending on if you want to live near things, or in the middle of nowhere.
If you want to buy a property, the median house price is now nearly $1 million.
This means you’d need a couple of hundred thousand dollars for a deposit.
As well as over $1000 a week for mortgage repayments.
Household bills like electricity, gas and internet add up to between $100-$200 a week.
A weekly shop can be $100, $200, $300 a week depending on the size of your family, your dietary requirements, your cheese preferences…
Then, if you actually want to go out, or to work, you’ll also need to pay for public transport which is over $50 a week.
Or you can drive which is even more expensive.
So even in the cheapest scenario, pretending that you only ever spend on the essentials your cost of living is high.
If you never go out with friends, and don’t even subscribe to a streaming service.
You’re still going to be spending around $1000 a week.
But actually you’d need to earn much more than that.
If you’d like to be able to save a bit and not being under financial strain.
Contrary to what our current Labor Government says, there are actually things they could be doing to meaningfully lower the cost of living over the long term.
We could be doing things like breaking up the major supermarket duopoly.
Things like making public education genuinely free.
Stop giving hand outs and tax discounts to property investors.
And funding essential services that everyone uses.
We want to work with the government to get these things done to make things easier for everyone and curb the ever-increasing cost of living.
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