The cost of living refers to the amount of money needed to cover essential expenses such as housing, food, transportation, healthcare, and utilities. When the cost of living rises, it becomes harder for individuals and families to afford basic necessities, leading to financial stress, reduced savings, and lower quality of life.

Several factors have contributed to the rising cost of living in Australia, including:

✅ Inflation – The general increase in prices of goods and services over time.

✅ Energy Prices – Higher electricity and gas costs impact households and businesses.

✅ Housing & Rent – Rapid property price growth and increased demand for rentals.

✅ Wages & Employment – Wages have not kept up with rising costs.

✅ Government Policies & Taxes – Higher taxes and excessive government spending can push prices up.

✅ Global Supply Chain Issues – Increased costs of imported goods due to shipping delays, fuel prices, and shortages.