South Australian households are facing a significant financial strain as multiple costs are set to increase next month. Health insurance premiums are anticipated to rise by an average of 3.73%, which translates to an annual increase of $110 for individuals and $217 for families. This is on top of a staggering 20% surge in home and contents insurance over the past year, with another 10% hike expected in 2025. Motor insurance is also likely to see similar increases.
Compounding these rising costs, energy bills for South Australian homes are projected to climb by an average of $114, coinciding with the end of the federal government’s $300 energy rebate. Additionally, grocery prices have risen by 5.4%, adding approximately $624 to the annual expenses of the average family. Overall, these increasing costs could mean that households need to set aside an extra $1,237 for essential bills.
Finance expert Andrew Woodward highlights that many are anxious about their ability to manage these upcoming expenses, reflecting widespread concern regarding financial stability. To help mitigate the impact of these rising costs, experts recommend establishing a budget to ensure sufficient funds are available for payments.
Furthermore, they suggest taking advantage of reward and cashback programs, staying alert to fluctuations in petrol prices, and actively shopping around for better deals with various service providers to help ease the financial burden on households.