Opinion Petrol prices won’t crash the housing market – it’s renters who will suffer most
I don’t drive much. We live in the inner suburbs, it’s an easy walk to my daughter’s school and the local shops, and I’ve got public transport options within a 10-minute walk that will get me to the city in less than half an hour.
Australians rely on their cars more than the residents of comparable nations and until electric vehicles are widely available, there isn’t an alternative fuel. For many Australians, that 33 per cent increase comes out of their wallet weekly or fortnightly, depending on how often they fill up. It’s a highly visible cost-of-living increase: with the price per litre literally up in lights at every service station, it’s impossible to ignore, or to avoid.
The average house in an Australian capital city increased by around three times the average salary of an Australian worker in 2021: if you’re a metropolitan homeowner, you’d have to be in the top 5 per cent of income brackets to have earned more than your house did over the past 12 months. As figures released on Tuesday by the Australian Council of Trade Unions revealed, the average worker on $68,000 has $800 less each year due to the rising cost of living over the same period.
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