How Australians Spend Their Money
A survey by the Australian Securities and Investments Commission provided an insightful view of the country’s spending habits. While based on 2011 spending figures, the survey’s insights are still relevant, given that the country has not experienced any major economic upheavals in the years that followed.
A recent Statista list almost echoed the commission’s survey when it ranked Australia as the country that spends the most money on apparel in the world. According to the list, the average Aussie spends $1430 on clothing and shoes annually. The commission’s survey is not limited to any specific purchase. Instead, it considered general living expenses and weekly spend by individuals from state to state.
Based on previous figures, the report estimated that Australian households would spend a whopping $642 billion on the general cost of living, with the average household spend being $69 166. Given the report’s breakdown of that estimation, it appears that Aussies have a healthy appreciation of the more recreational aspects of life.
What the survey did not detail was the average weekly or annual spend on gambling, whether land-based or at online casinos such as OnlineCasinoAustralia.com.au. However, it is reasonable to assume a good portion of the money spent on recreation went to the gambling industry, as Australians are prolific gaming and betting enthusiasts.
The survey did show that $11.7 billion would be spent on meat, while only $2.4 billion would be spent on fish and seafood, and $14.1 billion would be spent on alcohol, while $1.1 billion would be spent on tea and coffee.
Despite the Statista list’s fashion spend ranking, the $5.1 billion spent on fashion in 2012 isn’t much compared with the $9.5 billion estimated to be spent on gadgets in the same year. Perhaps most telling of all was the estimation of an incredible $19 billion to be spent on recreation versus the $8.3 billion to be spent on medical costs.
At $1536, the Australian Capital Territory was the state with the highest weekly spend, while South Australia’s weekly spend of $1044 was almost $500 less than the ACT.
The survey examined the average weekly spend even further. At $223, housing costs make up the bulk of the spending, followed by transport costs at $193. However, most of the money spent on transport goes to private vehicles, rather than public transport.
Australians were also likely to spend only $59 on household furnishing and equipment, and only $44 on clothing and footwear per week. By comparison, they would spend $161 on recreation, almost double what would be spent on household or clothing.
According to the survey, average weekly Australian household costs would include:
• $52 on holidays
• $32 on eating at restaurants
• $20 on baked goods
• $20 on health practitioners
• $14 on audio visual equipment
• $13 on household appliances
• $12 on mobile devices,
• $11 on animal expenses,
• $11 on personal care,
• $9 on books and newspapers,
• $9 on childcare
• $7 on shoes
This survey gives excellent insight into how Australians spend their money, and what their main financial focuses are.