A litre of milk: 19 cents. A dozen eggs: 60 cents. The family home: wait for it… $4500.
Living costs mean different things depending on what you’re buying. Here’s some major items compared.
So how much has the cost of living gone up?
Average weekly earnings
Wages are about 20 TIMES HIGHER now than they were 50 years ago.
The good news
Household spending … then and now
|Item||$ in 1966||Equivalent now||What you pay now|
|Milk (1 litre)||19 cents||$3.80||$1|
|Eggs (1 dozen)||60 cents||$12||$7|
|Petrol (1 litre)||7 cents||$1.40||$1.30|
|Butter (500g)||55 cents||$11||$5|
|FJ Holden||$2,200||$44,000||$36,000 (Commodore Evoke)|
The bad news
Average house in Sydney now: $1.1M
Average house in 1966 – $4500
Equivalent amount today … $90,000 (That’s not enough for a deposit!)
No wonder more and more young people are giving up on the idea of home ownership altogether.
But things seem more expensive!
- Other things are more expensive: Electricity is up 100% from just 5 years ago.
- There’s more to buy: Phones, computers, travel, streaming TV subscriptions…
- Things don’t last: We throw more out so need to replace things more often.
And, when you used to be able to get lamb chops for 48 cents a pound, $22 a kilo is never going to seem like a good deal.