Our household expenses are rising. The upwards trend in in prices we’re paying at supermarkets, the petrol station, the big green shed (that’s a nod to Bunnings if you weren’t sure and also referred to as the BGS in social media posts), is happening. In fact, all of this price data is analysed, categorised by type and reported each quarter and tells what we already know. What we’re paying for household items is increasing. A lot.
The Australian Bureau of Statistics (ABS) released at the end of October the results for the previous quarter’s observations. The Consumer Price Index (or CPI for short) increased by 1.8%pa. The quarterly CPI is Australia’s key measure of inflation. If we consider the four quarters (or 12 months) to the end of September 2022, the CPI increased by 7.3%pa. The ABS reports this is the highest movement in the CPI since 1990.
Some of the major contributors to the CPI increase were gas and other household fuels (+10.9%) and furniture (+6.6%). However, the largest change was recorded in fruit and vegetables (+16.2%) and dairy and related products (+12.1%). Goods are measured as a category and accounted for greater than three quarters of the 7.3% CPI increase. So, if there was a way to access some relief from these price increases, I’m sure you’d want to know about it!
If you’ve never accessed Centrelink seniors support before, now might be a good time to reconsider your eligibility for it. Commencing the 4th of November 2022, new income test limits will apply to the Commonwealth Seniors Health Card which will give more senior Australian’s access to the benefits offered by the card. With a CSHC you may get benefits such as:
- cheaper medicine under the Pharmaceutical Benefits Scheme
- bulk billed doctor visits – this is up to your doctor
- a refund for medical costs when you reach the Medicare Safety Net.
You may also get the Economic Support Payment if eligible.
But these are not the only benefits. In Western Australia, the state government and your local council may extend further benefits that could reduce your spending on:
- electricity and gas bills
- property and water rates
- health care costs, including ambulance, dental and eye care
- public transport fare.
So, how has eligibility changed? There has been a significant increase from 4 November in the maximum income limit by which you could be eligible to receive a Commonwealth Seniors Health Card. You must not earn no more than:
- $90,000 a year if you’re single
- $144,000 a year for couples
- $180,000 a year for couples separated by illness, respite care or prison.
And no asset tests apply.
You can apply online using the MyGov services portal. If you have never used the portal, you can commence an application over the phone on the Older Australians phone line by calling 132 300, Monday to Friday from 8am to 5pm. Alternatively, speak with your Private Wealth Adviser on 08 9381 8779.