‘End of the Aussie shout’ as cost of living stings

What NAB has dubbed the “end of the Aussie shout”, research has revealed that 54 per cent of adults across the nation said they were more likely to skip shouting mates in the current climate. This figure jumps to 72 per cent of those aged 18–29 years old.

Older generations aren’t feeling the sting quite as bad, with only around a third (32 per cent) of over 65s saying the rising cost of living made them more likely to split the bill.

Further, NAB found that women were more likely to split bills. This form of payment was least common among people in the lowest income group, with 39 per cent responding in favour. Meanwhile, 63 per cent of the highest income group said the same.

The logistics of how bills are split were also analysed, with 37 per cent preferring one person to pay and transfer them money. Another 28 per cent opted for using credit or debit cards. Bank transfer or PayID was the top option for 37 per cent of respondents.

According to NAB personal everyday banking executive Kylie Young, the increase in bill splitting is reflective of the mounting cost-of-living pressures.

“Young Australians are embracing loud budgeting and getting more comfortable with talking about their financials. It isn’t surprising that extends to splitting the bill, as they confidently step away from the social pressure of ‘shouting a round’,” Young said.

“There are inevitably winners and losers when it comes to shouting rounds or picking up the bill after a meal as it doesn’t always come back around.”

“While people may have shouted their mates in the past, they’re feeling the pinch now and are prioritising their own budgets so they can keep dining out and supporting local businesses.”

It’s unsurprising that beers aren’t being thrown around like they once were, considering that the average price of a pint in Australia is $11. This is even more inflated in the capital cities.

When looking at ABS statistics, a six pack in 1973 cost an average of $1.42. Adjusted with inflation, that would come to $15.75 as of 2023. However, the average price in 2023 for a six pack was $23.50.

As highlighted by The Sydney Morning Herald: “Since September 2022, beer inflation has accelerated from 3.3 per cent to reach 7 per cent in the year to December 2023. That’s more than double the average rate of beer inflation for the past decade – and the highest rate of inflation since the introduction of the GST at the turn of the century.”

With the Australian Bureau of Statistics detailing a quarterly consumer price index rise of 1 per cent and an annual rise of 3.8 per cent, these trends are likely to persist.

[Related: Will the 2Q24 CPI figures be enough to trigger a rate hike?]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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