Income and Savings

Hi Liam,

Thank you for reaching out with your question. It’s great to hear your group is making good progress in finding information from 2021 census regarding incomes. However, you’re correct that specific data on savings and spending power can be more challenging to locate.

That said, you can still make education assumptions about savings and spending power based on income data you’ve found, along with common expenses in Saibai. For example:

1. Groceries: Since there’s only one grocery store, process might be higher than in areas with more competition
2. Fuel: Fuel price is almost double on the island than it is in mainland Australia, so this adds up to the transportation costs
3. Air travel: Air travel is quite expensive, check Skytrans and Charter airport services (Torres Strait Air, Cape Air)
4. Utilities and communication: Check energy and water section for more factors to consider

Based on these factors, your group can create different scenarios to estimate savings and spending power. For example, you might assume that a household saves 10-20% of their income after covering basic expenses, or you might explore how a change in one expense (like a rise in petrol prices) could impact savings.

These assumptions will help you build a more complete picture of financial behavior on Saibia Island, even without direct data.