Australia’s commuters saw a whopping $700 increase in the price of their transport over the last 12 months thanks to rising fuel prices, new research has revealed.
The average Australian household spends $18,221 a year on transport, or $1,500 a month, according to data released by the Australian Automobile Association, with this price reflecting a $700 increase over the last 12 months.
Most of this sum (70 per cent) is going towards car loan payments, fuel and tolls, meaning some drivers would be better off not owning a car at all, according to Finder personal finance expert Kate Browne.
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“The weekly budget is getting stretched more and more, and some households are taking drastic measures to cut costs,” Browne said.
“A combination of taxi or Uber and car sharing services like GoGet could even work out cheaper for some when you consider fuel, insurance and registration costs.”
Carpooling, using public transport, riding a bike and walking are also money-saving and eco-friendly options.
“Swapping the car for a bike is obviously not feasible for everyone. If you live in a public transport dead zone, or just really enjoy travelling in the comfort of your own car, there are other ways to reduce the cost.
“Avoid tolls, use a petrol price comparison app and review your comprehensive car insurance policy to make sure you’re getting the best deal,” Browne said.
Australians living in the city spend an average 14.4 per cent of their total household income on transport, while regional households spend 12.7 per cent.
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