October 2024 Beforepay Cost of Living Index

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The Beforepay Cost of Living Index for September 2024 is $66.74.

Petrol's steep decline drives spending dip in October. 

The latest Beforepay Cost of Living Index shows that Australian households saw a modest decrease in daily average spending in October, down 0.8% to $66.15 from $66.69 in September. A 7.1% drop in petrol and auto expenses drove the overall decrease, following recent petrol price changes. As we saw this time last year, the month-on-month decrease suggests an exercise of restraint as Australians brace for seasonal holiday expenses. 

Year-on-year the daily average spend has increased by 9.3% from $60.52 in September 2023. 

Lower petrol costs helped moderate spending in October, with average daily spend for the category dropping to $7.69 from $8.28 in September. Most other categories saw a marginal decrease, including durable shopping (-0.7%), food and drink (-0.7%), groceries (-0.3%) and shopping (-0.1%). 

However, essential expenses such as utilities continued to increase, with the category up by 1.2% to $7.02 per day from $6.94 in September. 

Spending on entertainment and leisure also saw a slight increase, up 2.8% to $5.20 from $5.06 in September. 

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

The October 2024 Cost of Living Index is based on insights from over 437,000 Beforepay users, providing an in-depth look at Australian household spending trends across essential and discretionary categories.

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.au for 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.