July 2024 Beforepay Cost of Living Index

Household spending surged 12.1% in July to $70.55, up from $62.91 in June.

The Beforepay Cost of Living Index for July 2024 is $70.55.

According to new figures from the Beforepay Cost of Living Index, spending increased across all tracked categories, driven largely by month-on-month spikes in shopping (25.8%), durable goods (20.9%) and entertainment and leisure (16.4%). This coincides with EOFY sales extending into July and mid-year school holidays. The increase reflects an annual trend, with a similar jump in consumer spending observed during the same time last year. 

Year-on-year the daily average spend has increased 8.3% from $65.13 in July 2023. 

Shopping led the surge in spending with a 25.8% month-on-month increase in daily average spend, rising to $10.19 from $8.10 in June. Durable shopping followed closely with a 20.9% month-on-month increase to $8.81 from $7.29. Daily average spend for entertainment and leisure saw a 16.4% increase to $5.17 from $4.44 in June.

Food and drink and petrol and auto expenses saw the next largest month-on-month increase in daily average spend, up 9.9% to $12.01 and 9.4% to $8.26 respectively. 

Groceries rose 6.6% month-on-month, with daily average spend increasing to $15.81 from $14.83. Utilities followed with an increase of 5.7% to $7.22 from $6.83. 

Fitness and health expenses saw the lowest month-on-month increase of 4.8% to $3.08 from $2.94 in June.

Below is a full month-by-month breakdown over the last 12 months. See sub-category descriptions here. 

Cost of living sub-category descriptions

Below are brief descriptions that outline the type of expenses applicable to each spending category.

Groceries

Grocery stores where raw vegetables and meat are sold. 

Food & Drink

Any restaurant, pub or vendor that sells food that is not prepared or processed, i.e. not groceries.

Petrol & Auto

Any spending on petrol, car maintenance and car accessories.

Shopping

Spending on non-edible, non-durable goods, i.e. clothing, shoes, consumer packaged goods. 

Utilities

Spending on electricity, gas (home) and phone. 

Entertainment & Leisure

Movie streaming, tickets, mobile and console gaming, hobbies, bookshops and other recreation expenses.

Durable Shopping

Spending on long lasting products, such as white goods.

Fitness & Health

Any expenses on gyms, health insurance and chemists

Have questions? Reach out to mediaenquiries@beforepay.com.aufor more information.

About the Beforepay Cost of Living Index

The Beforepay Cost of Living Index shows the average daily spend of Beforepay registered users across multiple household expense categories. As of March 2024, the average annual individual Beforepay customer gross income was $65,783 (counting only the main source of income) with a broadly representative geographic and gender breakdown. The data may vary depending on the main bank account linked with Beforepay. To the maximum extent permitted by law, Beforepay and its related bodies corporate, make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this article and do not accept any liability for any loss whatsoever arising from the use of this article or its contents or otherwise arising in connection with it.The Beforepay Cost of Living Index shows the average daily spend of Beforepay registered users across multiple household expense categories.