How cost of living increases in Australia compare to the rest of the world

Australians aren’t the only ones struggling to make ends meet as the cost of living prices soar around the world.

Residents have been bombarded with price hikes in almost every aspect of life with essence prices soared to new highs, electricity bills rose 141% and mortgage payments soared by hundreds of dollars.

The financial pressure was felt all over the world with countries like Singapore struggling with a rent crisis, with the UK enduring record fuel prices and Japan Prepare for energy bill increases.

SQM Research, which tracks real estate trends, found the average house rent in Australia’s major cities jumped 16.3% to $657 per week over the past year.

But rents have nearly doubled overseas, with prices rising 30% in Singapore.

A resident paid 2,538 Australian dollars per month to rent a 35 m² “pocket” apartment in the Tanjong Pagar district.

He was forced to move within days as his landlord planned to raise the rent and charge the new tenant an additional AU$1,000.

“The owner was great during Covid and I don’t blame them for making the most of the surge in demand, but it’s just too high for me,” he told the Australian Financial Review.

Huttons associate district manager Christopher Quek said demand was outstripping accommodation availability with an influx of expats heading to Singapore since the country eased Covid restrictions.

“It’s mainly an undersupply issue, and it will last at least until the end of this year, longer for the larger properties,” he said.

Desperate tenants sign two-year leases for a property before they even set foot there.

Petrol prices have also risen considerably, with unleaded and diesel costing considerably more per liter overseas than in Australia.

New South Wales’ highest prices for E10 reached 224.9, unleaded topped 237.9 and super unleaded sold for 249, according to the NRMA’s latest weekly fuel report. ,9.

Petrol prices are considerably higher in Singapore, with motorists paying over $3 per liter for unleaded and diesel.

Prices at the pump are equally dire elsewhere, with fuel prices rising at the fastest rate in the UK since 2005.

A liter of unleaded petrol costs an average of AU$3.17, with the highest price being around AU$3.49.

Last week, the cost of filling a family car hit AU$174.74 for the first time.

Skyrocketing prices have prompted Britain’s competition watchdog to carry out an ‘urgent’ review of the fuel industry.

Business Secretary Kwasi Kwarteng has written to the Competition and Markets Authority criticizing the industry for failing to fully pass on the 5p reduction in fuel duty announced in March.

The watchdog has been asked to make recommendations on how to strengthen competition in the retail fuel market and the transparency available to consumers about prices.

Electricity prices have also skyrocketed around the world, with major power companies raising prices to meet the rising cost of living.

In the year to March, wholesale electricity prices soared 141% in Australia, prompting the boss of a power company to urge his 70,000 customers to change provider.

Financial comparison group Finder expects electricity prices for some households to rise by up to 100% from July 1, doubling the price.

Japan is bracing for a massive hike, with the country’s four major power companies announcing in May that electricity tariffs would rise in July.

Bills are expected to become 20% more expensive than they were last year, making it the highest price in five years.