class: center, middle, inverse, title-slide .title[ # COST-OF-LIVING CRISIS ] .author[ ### Ranelle Kumar 4006400 ] --- # Introduction to the Cost-of-living Crisis in Australia The cost-of-living crisis refers to the increasing financial burden on households due to rising prices of essential goods and services. In Australia, this crisis has become more pronounced in recent years as inflation rates have climbed, outpacing wage growth and putting significant strain on families and individuals. ### Significance The significance of the cost-of-living crisis in Australia lies in its widespread impact on the population's quality of life. As the prices of basic necessities like housing, food, energy, and healthcare rise, many Australians find it increasingly difficult to afford their everyday expenses. This has led to a growing number of households experiencing financial stress, with some unable to meet their basic needs. --- # Trends in Inflation (2014-2024) <style> .small-font { font-size: 35%; } </style> <div class="small-font"> Source: Australian Bureau of Statistics </div> <div class="plotly html-widget html-fill-item" id="htmlwidget-72a626fd825d163cd918" style="width:100%;height:400px;"></div> <script type="application/json" 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Change (%)","font":{"color":"rgba(0,0,0,1)","family":"","size":14.611872146118724}},"hoverformat":".2f"},"shapes":[{"type":"rect","fillcolor":null,"line":{"color":null,"width":0,"linetype":[]},"yref":"paper","xref":"paper","x0":0,"x1":1,"y0":0,"y1":1}],"showlegend":false,"legend":{"bgcolor":"rgba(255,255,255,1)","bordercolor":"transparent","borderwidth":1.8897637795275593,"font":{"color":"rgba(0,0,0,1)","family":"","size":11.68949771689498}},"hovermode":"closest","barmode":"relative"},"config":{"doubleClick":"reset","modeBarButtonsToAdd":["hoverclosest","hovercompare"],"showSendToCloud":false},"source":"A","attrs":{"171655b015498":{"x":{},"y":{},"type":"scatter"}},"cur_data":"171655b015498","visdat":{"171655b015498":["function (y) ","x"]},"highlight":{"on":"plotly_click","persistent":false,"dynamic":false,"selectize":false,"opacityDim":0.20000000000000001,"selected":{"opacity":1},"debounce":0},"shinyEvents":["plotly_hover","plotly_click","plotly_selected","plotly_relayout","plotly_brushed","plotly_brushing","plotly_clickannotation","plotly_doubleclick","plotly_deselect","plotly_afterplot","plotly_sunburstclick"],"base_url":"https://plot.ly"},"evals":[],"jsHooks":[]}</script> <style> .small-font { font-size: 65%; } </style> <div class="small-font"> From 2014 to the present, Australia has experienced fluctuating inflation trends influenced by both domestic and global factors. Initially, inflation remained low and stable, aligning with the Reserve Bank of Australia's (RBA) target range of 2-3%. The COVID-19 pandemic in 2020 caused significant economic disruptions, leading to initial deflation followed by inflationary pressures due to supply chain issues and increased consumer demand. By 2021-2022, inflation rates spiked, driven by rising global commodity prices and shipping costs, prompting the RBA to adjust monetary policies to manage the situation. As of 2023-2024, inflation remains a critical focus, with policymakers striving to balance economic recovery and price stability. </div> --- # Inflation Breakdown by Categories <style> .small-font { font-size: 35%; } </style> <div class="small-font"> Source: Australian Bureau of Statistics </div> <div class="plotly html-widget html-fill-item" id="htmlwidget-f11d502e1623a52d7d5f" style="width:100%;height:400px;"></div> <script type="application/json" data-for="htmlwidget-f11d502e1623a52d7d5f">{"x":{"data":[{"orientation":"v","width":0.90000000000000036,"base":0,"x":[4],"y":[0.90000000000000002],"text":"reorder(category, -inflation_rate): Alcohol and tobacco<br />inflation_rate: 0.9<br />category: Alcohol and tobacco","type":"bar","textposition":"none","marker":{"autocolorscale":false,"color":"rgba(248,118,109,1)","line":{"width":1.8897637795275593,"color":"transparent"}},"name":"Alcohol and tobacco","legendgroup":"Alcohol and 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change from last quarter","font":{"color":"rgba(0,0,0,1)","family":"","size":14.611872146118724}},"hoverformat":".2f"},"shapes":[{"type":"rect","fillcolor":null,"line":{"color":null,"width":0,"linetype":[]},"yref":"paper","xref":"paper","x0":0,"x1":1,"y0":0,"y1":1}],"showlegend":true,"legend":{"bgcolor":null,"bordercolor":null,"borderwidth":0,"font":{"color":"rgba(0,0,0,1)","family":"","size":11.68949771689498},"title":{"text":"category","font":{"color":"rgba(0,0,0,1)","family":"","size":14.611872146118724}}},"hovermode":"closest","barmode":"relative"},"config":{"doubleClick":"reset","modeBarButtonsToAdd":["hoverclosest","hovercompare"],"showSendToCloud":false},"source":"A","attrs":{"171656bb9ab1b":{"x":{},"y":{},"fill":{},"type":"bar"}},"cur_data":"171656bb9ab1b","visdat":{"171656bb9ab1b":["function (y) 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Notably, education experienced the highest inflation rate, with a 5.9% increase from the previous quarter, reflecting rising costs in tuition and educational services. Health and insurance/financial services also saw substantial increases at 2.8% and 2.0%, respectively, indicating higher expenses in medical services and financial products. Conversely, categories such as clothing and footwear, and communication experienced deflation, with price decreases of -1.1% and -0.3%, respectively. These disparities highlight how inflation impacts various aspects of consumer spending differently, influencing household budgets and economic stability. </div> --- # Focus on Hosuing in Melbourne <style> .small-font { font-size: 35%; } </style> <div class="small-font"> Source: Australian Bureau of Statistics </div> <div class="plotly html-widget html-fill-item" id="htmlwidget-96b4dabb743c82d4dc9b" style="width:100%;height:400px;"></div> <script type="application/json" data-for="htmlwidget-96b4dabb743c82d4dc9b">{"x":{"data":[{"x":[1,2,3,4],"y":[0.40000000000000002,2.2999999999999998,2.1000000000000001,3.1000000000000001],"text":["TimePeriod: X12MonthChange<br />Change: 0.4<br />PropertyType: 2-br Units<br />PropertyType: 2-br Units","TimePeriod: X3YearChange<br />Change: 2.3<br />PropertyType: 2-br Units<br />PropertyType: 2-br Units","TimePeriod: X7YearChange<br />Change: 2.1<br />PropertyType: 2-br Units<br />PropertyType: 2-br Units","TimePeriod: X10YearChange<br />Change: 3.1<br 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The 12-month change in housing prices highlights a substantial increase, driven by factors such as population growth, urban development, and heightened demand for residential properties. Over a three-year period, the inflation rate demonstrates a steady climb, indicative of consistent market pressures and investment activities. The seven-year change shows the long-term impact of sustained economic growth and policy influences, while the ten-year trend underscores the resilience and attractiveness of Melbourne's housing market as a stable investment. These trends collectively illustrate the dynamic nature of housing inflation in Melbourne, shaped by a complex interplay of supply, demand, and economic conditions. </div> --- # Australia Food Inflation History <style> .small-font { font-size: 35%; } </style> <div class="small-font"> Source: Australian Bureau of Statistics </div> <div class="plotly html-widget html-fill-item" id="htmlwidget-8890ee920334420412bf" style="width:100%;height:400px;"></div> <script type="application/json" data-for="htmlwidget-8890ee920334420412bf">{"x":{"data":[{"orientation":"v","width":0.90000000000000036,"base":0,"x":[4],"y":[0.69999999999999996],"text":"Quarter: Q2 21<br />InflationRate: 0.7<br />InflationRate: 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Starting at 0.7% in Q2 2021, it rose sharply to 4.3% by Q1 2022 due to supply chain disruptions and increased production costs. The highest spikes were in Q3 and Q4 of 2022, reaching 9.0% and 9.2% respectively, driven by global supply issues and adverse weather conditions. Although food inflation began to decrease in 2023, it remained elevated, peaking at 8.0% in Q1 2023 before gradually declining to 3.8% by Q1 2024. These trends highlight the volatility of food prices in Australia, affecting consumer budgets and the overall cost of living. </div> --- # Australia Interest Rate History <style> .small-font { font-size: 35%; } </style> <div class="small-font"> Source: Reserve Bank of Australia </div> <div class="plotly html-widget html-fill-item" id="htmlwidget-98df0a8f672108c5df5d" style="width:100%;height:400px;"></div> <script type="application/json" data-for="htmlwidget-98df0a8f672108c5df5d">{"x":{"data":[{"x":[19178],"y":[1.3500000000000001],"text":"Date: 2022-07-05<br />InterestRate: 1.35<br />as.factor(Date): 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History","font":{"color":"rgba(0,0,0,1)","family":"","size":17.534246575342468},"x":0,"xref":"paper"},"xaxis":{"domain":[0,1],"automargin":true,"type":"linear","autorange":false,"range":[19144.400000000001,19883.599999999999],"tickmode":"array","ticktext":["2022-07","2023-01","2023-07","2024-01"],"tickvals":[19174,19358,19539,19723],"categoryorder":"array","categoryarray":["2022-07","2023-01","2023-07","2024-01"],"nticks":null,"ticks":"","tickcolor":null,"ticklen":3.6529680365296811,"tickwidth":0,"showticklabels":true,"tickfont":{"color":"rgba(77,77,77,1)","family":"","size":11.68949771689498},"tickangle":-45,"showline":false,"linecolor":null,"linewidth":0,"showgrid":true,"gridcolor":"rgba(235,235,235,1)","gridwidth":0.66417600664176002,"zeroline":false,"anchor":"y","title":{"text":"Date","font":{"color":"rgba(0,0,0,1)","family":"","size":14.611872146118724}},"hoverformat":".2f"},"yaxis":{"domain":[0,1],"automargin":true,"type":"linear","autorange":false,"range":[1.2000000000000002,4.5],"tickmode":"array","ticktext":["2","3","4"],"tickvals":[2,3,4],"categoryorder":"array","categoryarray":["2","3","4"],"nticks":null,"ticks":"","tickcolor":null,"ticklen":3.6529680365296811,"tickwidth":0,"showticklabels":true,"tickfont":{"color":"rgba(77,77,77,1)","family":"","size":11.68949771689498},"tickangle":-0,"showline":false,"linecolor":null,"linewidth":0,"showgrid":true,"gridcolor":"rgba(235,235,235,1)","gridwidth":0.66417600664176002,"zeroline":false,"anchor":"x","title":{"text":"Interest Rate (%)","font":{"color":"rgba(0,0,0,1)","family":"","size":14.611872146118724}},"hoverformat":".2f"},"shapes":[{"type":"rect","fillcolor":null,"line":{"color":null,"width":0,"linetype":[]},"yref":"paper","xref":"paper","x0":0,"x1":1,"y0":0,"y1":1}],"showlegend":true,"legend":{"bgcolor":null,"bordercolor":null,"borderwidth":0,"font":{"color":"rgba(0,0,0,1)","family":"","size":11.68949771689498},"title":{"text":"Date","font":{"color":"rgba(0,0,0,1)","family":"","size":14.611872146118724}}},"hovermode":"closest","barmode":"relative"},"config":{"doubleClick":"reset","modeBarButtonsToAdd":["hoverclosest","hovercompare"],"showSendToCloud":false},"source":"A","attrs":{"17165e6691e5":{"x":{},"y":{},"colour":{},"type":"scatter"}},"cur_data":"17165e6691e5","visdat":{"17165e6691e5":["function (y) ","x"]},"highlight":{"on":"plotly_click","persistent":false,"dynamic":false,"selectize":false,"opacityDim":0.20000000000000001,"selected":{"opacity":1},"debounce":0},"shinyEvents":["plotly_hover","plotly_click","plotly_selected","plotly_relayout","plotly_brushed","plotly_brushing","plotly_clickannotation","plotly_doubleclick","plotly_deselect","plotly_afterplot","plotly_sunburstclick"],"base_url":"https://plot.ly"},"evals":[],"jsHooks":[]}</script> <style> .small-font { font-size: 65%; } </style> <div class="small-font"> Australia's interest rates have seen a significant increase from July 2022 to May 2024. Starting at 1.35% in July 2022, rates more than tripled to 4.35% by May 2024. This steady rise reflects the Reserve Bank of Australia's efforts to combat inflation and stabilize the economy amid global economic uncertainties and domestic fiscal challenges. The most notable jumps occurred in the latter half of 2022, as the rates climbed to 2.35% by September and 2.85% by November, before surpassing 3% in early 2023. This upward trend underscores the dynamic adjustments in monetary policy aimed at maintaining economic stability. </div> --- # Mitigation Strategies <style> .small-font { font-size: 70%; } </style> <div class="small-font"> To address the cost-of-living crisis, a variety of mitigation strategies are being implemented. Government policies include economic stimulus packages, tax reforms, and subsidies to support vulnerable populations. Monetary policies, such as adjusting interest rates, aim to control inflation. Price controls on essential goods help curb excessive price hikes, while consumer support programs provide financial relief. Public awareness campaigns educate citizens on managing expenses and accessing available resources. Together, these measures aim to stabilise the economy and alleviate the financial burden on households. </div> <div class="grViz html-widget html-fill-item" id="htmlwidget-a1a733a836e404e42938" style="width:504px;height:504px;"></div> <script type="application/json" data-for="htmlwidget-a1a733a836e404e42938">{"x":{"diagram":"\ndigraph mitigation_measures {\n \n graph [layout = dot, rankdir = TB]\n\n node [shape = rectangle, style = filled, color = lightblue, fontname = Helvetica, fontsize = 20, width = 2, height = 1.2]\n \n A [label = \"Mitigation Measures\"]\n B [label = \"Government Policies\"]\n C [label = \"Economic Stimulus\"]\n D [label = \"Subsidies and Grants\"]\n E [label = \"Price Controls\"]\n F [label = \"Monetary Policies\"]\n G [label = \"Interest Rate Adjustments\"]\n H [label = \"Tax Reforms\"]\n I [label = \"Consumer Support Programs\"]\n J [label = \"Public Awareness Campaigns\"]\n\n A -> {B C D E F}\n B -> {G H}\n F -> G\n D -> I\n E -> J\n}\n","config":{"engine":"dot","options":null}},"evals":[],"jsHooks":[]}</script><div style="height: 800px; margin-top: -100px;"> <div class="grViz html-widget html-widget-output shiny-report-size html-fill-item" id="mitigation_measures" style="width:100%;height:600px;"></div> </div> --- # Conclusion and Future Outlook <style> .left-aligned { text-align: left; font-size: 65%; } </style> <div class="left-aligned"> The future of the cost-of-living crisis in Australia appears to be shaped by a series of strategic measures aimed at alleviating financial pressures on households and businesses. Key initiatives include substantial tax cuts for 13.6 million taxpayers, providing an average annual saving of $1,888, and a significant $3.5 billion allocation for energy bill relief benefiting all households and small businesses. Additionally, a $1.9 billion increase in Commonwealth Rent Assistance is set to aid nearly one million households, while a $3 billion agreement aims to make medicines more affordable. The government’s decision to waive $3 billion in student debt will offer relief to over 3 million Australians, and a further $1.1 billion investment ensures superannuation payments on Paid Parental Leave. Emergency and food relief funding is boosted by $138 million, while wage growth support for care sector workers and a freeze on deeming rates for income support recipients reflect a comprehensive approach. These measures collectively aim to stabilize the economic landscape, reduce financial strain, and provide a more sustainable cost-of-living framework for the future. </div> <img src="data:image/png;base64,#Desktop/slide10.png" width="50%" style="display: block; margin: auto;" /> <style> .small-font { font-size: 45%; } </style> <div class="small-font"> Info graphic Source: Budget.gov.au </div>