A family needs ore than $50,000 per year just to live, the University of Melbourne has revealed.
University of Melbourne experts crunched the numbers for a Victorian couple with two children aged under 15 and found modest annual spending for necessities hit an estimated $50,669.
The breakdown includes food, totalling $8745 per year, children’s clothes – hitting $976 per year and housing, which includes bills, hitting $30,0392 per year.
Transport/car costs also take up a significant chunk of spending, costing an estimate $4972 per year. While dentals and pharmaceuticals take up around $1101 per year.
StatsCan cited the median household income in Victoria at $84,430 in 2016.