Many Australian consumers complain about the high cost of living. But more than likely you would hear the same complaint if you went back 30 years ago or even 50 years ago.
Fortunately through the power of technology we can test – at least partially – whether times are indeed tougher now than in the past.
Search firm, Google, has made available scanned copies of old newspapers, enabling researchers to gain insights into the cost of goods over time. Despite the fact that Google disbanded the project in May last year, it has created an impressive database. For Australia the most comprehensive resource is the Sydney Morning Herald with 38,755 copies digitised from 1830 to 1989.
CommSec has utilised the Google newspaper archive and the Reserve Bank inflation calculator to get a perspective on the cost of living 30, 40 and 50 years ago. And it is clear that Australians in 2012 are better off than their parents and grandparents with a raft of items far more affordable today, whether you measure the cost in 2012 dollars or compare the prices of goods with the value of wages.
To read the report, click here.
