COTA NT releases Cost of Living Survey 2022 report

1 Nov 2022

COTA NT released its 2022 cost of living report and although the data collected is from a relatively small sample group, the survey does help to reveal some essential details about senior Territorians and what issues are impacting their lives and what they believe could be done to improve the situation.

Here are a few of the conclusions:

• Highest expense impacting cost of living: Food and groceries (47% of respondents).
• Residency in the NT: Most (81%) had lived in the Territory for more than 15 year and most (76%) would continue to do so for the next 5 years. The main reason given (opposed to multiple factors/others) to leave for 18% was cost of living.
• Most respondents wanted the government to make changes relating to the cost of living (and concessions).
• Demographics: Majority of respondents were within 65 to 74 age range. Most respondents were female (56%).
• Financial security: Over 58% of respondents agree or strongly agree that the cost of living is increasing at a rate that is leaving them behind. In 2019, 62% of respondents felt the same way. It is still a cause for concern.
• Employment status: Most of the respondents (60%) were fully retired. 12% employed full-time.
• Employment sector: Of those identifying as employed in a specific sector, most (over 10%) were employed by the NT government.
• Annual income: 55% of respondents earn between $20,800 and $67,599 annually.

The most common suggestions made for changes that the respondents wanted the government to make were:

• increasing pensions, making them equitable and with higher earning thresholds for those working
• increasing concession to $1000, lowering fuel and food costs
• more access to non-digital forms of communications
• more safe, secure and affordable housing options.

See the full report, Cost of Living 2022 Report – released November 2022.