Income and Savings

Saibai Island, TSIRC General discussion Income and Savings

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by Sai Rupa Dev.
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  • #8042
    Liam Cox
    Participant

      Good Afternoon,

      Our group has been trying to find any information on to the savings that an indivual and household gain/loose every week.

      It has been easy enough to find the incomes on the 2021 Census but have not been able to find information regarding savings and spending power. Does such information exist?

      Kind Regards,

      Liam.

      #8044
      Sai Rupa Dev
      Keymaster

        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.

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