The Reserve Bank of Australia calculates that a typical basket of goods and services valued at $200 in 2000 soared 61 per cent to $322 by the end of last year, while the average annual inflation rate was just 2.5 per cent.
However, by far the largest price rises in the past 20 years is in private secondary school education – up a whopping 203 per cent – and private pre-school and primary education .Planning for Education Index reveals that the forecast cost to educate a child starting out now in a government school through to year 12 is more than $68,000. That figure climbs to $127,000 for Catholic schooling and more than $298,000 for private school/independent education.
Nelson says the costs rise annually and he admits they are expensive, but he still considers them a "worthwhile investment" in his children's future.Integrity Life managing director Chris Powell says the hike means many families are now trying to cut corners to save money by forgoing emergency protection products such as total and permanent disability, life and health insurance.
The rise, which will take effect on April 1, is the lowest in 18 years but is still well above the 2019 annual rate of inflation of 1.6 per cent.The good news is that real wages are growing – up 78 per cent in the past two decades and 21 percentage points above the official inflation rate.
Just imagine what it's like for people living on Newstart. You can send your kids to state schools, where they'll learn how to become Joe Hockey's 'leaners', and access some childcare, but forget about insurance, because what do you own to insure? Thank the gods for Medicare!
When did child care become compulsory? I mean who is forced into having kids? You can’t afford em, don’t have em. It’s pretty simple.
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