The Australian Automobile Association has released its latest transport affordability index. The typical household transport costs have risen by 13%, outpacing the year’s inflation rate of 4.1%.
In 2023, transport costs rose by 12.4% for the typical capital city household and 13.7% for the typical regional household.
Higher up-front costs for purchasing new vehicles, higher interest rates on car loans, and increasing insurance premiums were attributed to the overall rise in transport costs.