Australians are several thousand dollars worse off under the Albanese Government as the cost of groceries, energy and transport pushes families to the brink.
Exclusive analysis conducted by Sky News has broken down the extent of Australia’s cost-of-living crisis and found the average family is $10,600 worse off since Labor took office in 2022.

The numbers tell a sobering story of surging rents and puts a price on the true cost of day-to-day living in Australia.

Housing: Mortgage Holders and Renters Hit Hard

When Labor took power, the Reserve Bank’s cash rate sat at just 0.35 per cent. Fast forward to today, and after 12 rate hikes (and one cut), it now stands at 4.1 per cent.

This financial punishment doled out by the Reserve Bank to try and curb inflation has been the largest hit to family budgets.

The average Australian mortgage when Anthony Albanese won the election in May 2022 was $615,000.

An average variable interest rate back then was 3.45 per cent, equating to monthly repayments of $2,752.

In February 2025, that average mortgage has increased to $666,000, and now with a 6.74 per cent average variable interest rate pushing repayments to $4,315 per month it works out to be an annual increase of $18,756—a 57 per cent jump in just three years.

Yearly repayments for an average loan are now more than $50,000.

For renters, the situation is just as bleak, especially for those living in capital cities like Sydney and Melbourne.

The median rent in Australia has surged from $508 per week in March 2022 to $675 perweek today—an annual increase of $8,684 for tenants.

A young person earning minimum wage would need to work an extra 374 hours a year just to cover that increase in rent, the equivalent of ten weeks full-time work.

Despite government intervention, household energy costs continue to climb.

The Australian Energy Regulator’s Default Market Offer (DMO) shows an average $355 increase in power bills between July 2022 and July 2024 in NSW.

While a $300 government rebate has softened that blow to a more modest $54 increase, prices are forecast to rise another 8.9 per cent in July 2025—pushing household power bills up$535 since 2022, excluding rebates.

Labor has just extended the energy rebate another six months, reducing power bills by another $150 beyond July 1.

Grocery Bills Surge by 32 per cent

Grocery costs have spiralled, adding thousands to household budgets.

According to a News Corp price-tracking study, a typical grocery shop now costs 32 per cent more than it did in June 2022, adding $60 per week or $3,000 per year to the cost of a typical family shop.

Transport and Health Insurance

The average Australian household in a capital city was spending $20,855 per year on transport costs in March 2022 before Labor took office.

By December 2024, that figure had surged to $24,486—a $3,631 annual increase. This includes higher fuel prices, car insurance, registration fees, tolls, and other transport costs.

Meanwhile, the cost of private hospital cover has also risen 26 per cent under Labor.

A family hospital gold policy cost $4,780 in May 2022.

By April 2025, that same policy will cost $6,040—an increase of $1,260 per year.

Exclusive analysis conducted by Sky News

Armchair_Politician wrote on Mar 25^th, 2025 at 1:05pm:


We have a double whammy down here in Victoria - our Labor government is drunk on spending hundreds of billions of dollars and have run out of money…

So they’ve gone after everyone taxing the poo out of them - particularly folks who have saved up for extra land or rental housing…

This has smashed the renters and put them onto the streets…

Anyone advocating they go after Landlords are smacking morons …

= less houses to rent, and if you can find one, you’ll need all of your wages to pay for it… so no eating or using energy

NEWS Limited story. Zero credibility. they have been the Liberal party propaganda arm for at least 50 years.

SerialBrain9 wrote on Mar 25^th, 2025 at 1:12pm:


Don't forget that Labor in Victoria tried to put a tax on electric vehicles to be paid by the kilometre, but lost in Court after the Judge ruled only the Federal government can do that sort of thing. You'd think they would want people to buy electric vehicles, not put up expensive impediments to dissuade people from buying them!

As for landlords, they'll just sell the properties they rent out so they don't cop more in the hip pocket. That'll make the rental market more tighter, if that's even possible now.

Armchair_Politician wrote on Mar 28^th, 2025 at 12:44pm:



they're both murdochs lying propaganda machines. Only Murdochs media has admitted in a court that it lies to its viewers because they are stupid enough to believe it.

Armchair_Politician wrote on Mar 29^th, 2025 at 9:09am:


Ok .. I stand corrected ... doesn't change much  .. it's the same poo just in a different bucket


Quote:

Sky News Australia – Bias and Credibility
Sky News - Right Bias - Republican - Conservative - Generally CredibleFactual Reporting: Mixed - Not always Credible or Reliable


These media sources are moderately to strongly biased toward conservative causes through story selection and/or political affiliation. They may utilize strong loaded words (wording that attempts to influence an audience by using appeal to emotion or stereotypes), publish misleading reports, and omit information that may damage conservative causes. Some sources in this category may be untrustworthy. See all Right Bias sources.

Overall, we rate Sky News Australia Right-Biased based on story selection and editorial positions that mostly favor the right. We also rate them borderline Questionable and Mixed for factual reporting due to several failed fact checks, unproven claims, and the promotion of conspiracy theories and misinformation.

Care to post the link to that "quote" you just posted, so we can see your source for that info?