The Australian Cost-of-Living Crisis through an
Immigrant’s eyes
Arriving in Melbourne during the winter
of 2023, I was full of dreams, ambitions and promises but unaware of how
much everyday life would soon cost.
A data story by Ishan Verma
(s3996819)
Education, Health and Housing are industries which are most
important for us to survive, each seeing a great rise in their CPI over
the last year.
Unstability and Fluctuations make every supermarket trip a battle
for the wallet
I had to move out of my student accomodation due to rising rent, and
forced to find an affordable place further away.
Like other Aussies, I chose flexibility and avoided the long
commute, I chose to work from home more. Although I like it, I do miss
meeting new people and collaborating with people face to face.
However, my electricity bill started to increase. Although there is
government rebate and benefits, as a student on visa, I am not eligible
for all.
Altogether, the rising cost induces a key challenge. The challenge
of mental health. I feel lonley, anxious, worried, and uncertain. I am
unable to enjoy my youth to the fullest at all times. I am not
alone!
There is a long road ahead. There are rising costs, but people are
able to power through with the economy being stagnant yet household
savings are in the positive.
So What’s Next ?
Increased Minimum Wage and Superannuation: Effective July 1,
2025, the national minimum wage will rise by 3.5% to $24.95 per hour,
and the superannuation guarantee will increase to 12%, enhancing
workers’ retirement savings .
Affordable Housing Initiatives: The federal government aims to
construct 1.2 million new homes by 2029, including 100,000 designated
for first-home buyers. This plan encompasses a $10 billion investment
and efforts to streamline housing approval processes .
Reduced Pharmaceutical Costs: Starting January 1, 2026, the
maximum co-payment for medications under the Pharmaceutical Benefits
Scheme will decrease from $31.60 to $25.00 per prescription for Medicare
cardholders without concession cards, marking the lowest rate in two
decades .
Whilst these don’t promise immediate changes to the living standards
and the cost-of-living crisis, Melbourne and Australia in general
provide a great life from my perspective, where immigrants like myself
are welcomed with open arms. We can get a world class educaion, work in
industry and align with the Australian culture. Whilst there lies
uncertainty, our voices are being heard and efforts are being made. So I
believe there is hope, hope for my family, hope for my friends, hope for
a better and stable future.