Cost of living drops for retirees

Despite the devastating impacts of the coronavirus on the Australian economy, the cost of living surprisingly dropped for retirees in the June 2020 quarter, down 0.8 per cent for couples and 1.1. per cent for singles. That’s according to the Association of Superannuation Funds of Australia (ASFA), which benchmarks the annual budget needed by Australians to pay for their retirement. 

ASFA puts the decrease down to lifestyle changes brought on by the pandemic, including less commuting and dining-out. But it points out that while there may be short-term budget savings for some, older retirees particularly continued to experience financial pressures. 

Read the full report, ‘Times are challenging but cost of retirement down in June quarter’ on the ASFA website. You’ll find details of which items (e.g. water, gas, gardening equipment) rose or fell in price, and a breakdown of budgets for various households by living standard and age.