Australia’s affordable meds
December 11, 2012
AUSTRALIANS are faring well for
their medicine costs, with recent
figures showing that the prices
consumers pay for their
medicines have not kept pace with
inflation over the last 20 years.
The figures come from the
Australian Bureau of Statistics
which found that over the last two
decades between June 1991 and
June 2012, consumer medicine
prices have grown by 57 per cent.
This compares with overall prices
in the economy growing by 70 per
cent over the same period.
The data also showed that over
the 20 year period the median
household income grew by 118 per
cent, meaning that household
incomes have grown at more than
double the rate of medicine prices.
Interestingly between June 1991
and June 2012, the data showed
that the prices consumers pay for
medical and hospital services have
increased by 191 per cent, which
equates to more than three times
the rate that medicine prices have
grown.
Looking at a general guide to
household spending, the ABS data
showed that on average consumers
spend $5.83 per week of their
household budget on prescription
medicines, compared to $6.16 a
week on milk, $11.34 a week on
cigarettes, $12.17 on mobile
phones, $30.50 on fast food and
takeaway, $31.97 a week on meals
in restaurants and clubs, and
$36.66 a week on petrol.
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