Research from the nation’s peak motoring body shows household transport costs have continued to rise, despite an already steep increase during the first three months of 2021. The typical household is now spending a record 14.9 per cent of their income on transport.
The AAA welcomed the significant increase in spending on land transport infrastructure in the October 2020 federal Budget, with investment increasing from $9.25 billion in 2020-21 to $12.89 billion in 2023-24.
Household transport costs fell in the year of Covid as Australian families spent 4.6% less on transport in 2020 than the previous year. A typical household spent $310 per week on transport, or 12.5% of its income.
This edition shows that transport costs, like the economy, are showing early, tentative signs of recovery back into growth as Australia emerges from the pandemic-fuelled downturn, increasing by 1.2 per cent in the third quarter.
Transport costs have fallen by 5.8 per cent since the beginning of the year. However, many households are not feeling the full impact of the reduction in costs as the pandemic keeps many Australians off our roads and away from public transport.