Australian households have seen their standard of living rise, new research has revealed.
The SAS-NATSEM household budget report shows that, while the cost of living was up 1.4% last year, incomes outstripped the growth, rising by 2.7%. This saw the standard of living increase by 1.2%.
Living standards saw the biggest increase in the NT (4%), followed by NSW (2.1%) and Tasmania (2.1%). The ACT, Victoria and WA all saw living standards decrease, falling by 2.3% in the ACT, 0.3% in Victoria and 0.7% in WA.
While the standard of living rose, the growth in living standards is increasing at a slower pace, the study said.
"Following two decades of continual growth in living standards, Australian household living standards are not increasing nearly as strongly. Between June 2012 and June 2014 there was no change in standard of living. Through the December quarter Australia's standard of living increased by 0.7% and 1.2% through the year," the study said.
