Drinkers and gamblers, take note: the price of your cigarettes and your beer are set to soar quite dramatically.
Australia may be in a low-inflation environment, but that doesn’t mean that the price of certain items isn’t going to soar: the cost of some goods are artificially inflated through regulation.
And according to analysis provided to Yahoo Finance by Finder, which harnessed ABS’ consumer price index data to predict the future prices of some items, smokers look set to be punished for their habit, with the price of cigarettes to nearly double.
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The current price of a 30 pack of cigarettes is $37 – but in just over 10 years’ time, it could be $100.
“The number of smokers in Australia is dwindling, and if you haven’t quit yet, this may give you a reason to,” said Finder insights manager Graham Cooke.
And in the long run, the costs will add up, he warned. “A pack of smokes a week between now and 2030 will set you back $33,605.”
On Thursday, federal health minister Greg Hunt announced a $20 million strategy to reduce smoking rates to below 10 per cent by 2025 in a bid to boost preventative health outcomes.
But smokes aren’t the only ones set to fork out more: the cost of a case of beer is forecast to rise by a third, from $61 today to $81 in 2030.
“With the population's health in mind, the government increases the prices of unhealthy items such as cigarettes and alcohol through extra taxation. By 2030, we will be laying down $80 for a case of beer.”
Meanwhile, NRL tickets are predicted to soar by 23 per cent. Drivers, too, won’t escape the price hikes, but it will be a less dramatic rise: a $60 trip to the petrol station will set you back $71 in 2030.
The cost of your bread will inch only a little bit higher, rising from $4 to $5 over a decade.
Interestingly, children’s school shoes will actually drop by 5 per cent, with a $39 pair today to cost $37 in ten years’ time.
“Market factors drive some prices down. Groceries, for example, have been getting cheaper, relative to other costs,” Cooke explained.
“This is driven by the tight duopoly in the Australian market. The same thing is happening with clothes, with cheap international brands driving prices down.”
Here’s how much some everyday items will cost in 2030:
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