The average Australian has spent an average of $24,000 on electronic products every year since 2010, according to the latest data from the Australian Bureau of Statistics.
However, many people spend even more on electronics, such as laptops and mobile phones, as well as other gadgets.
The ABS data shows the average annual cost of a smartphone rose by $18,900 to $23,400 last year, while the average cost of an iPad rose by almost $10,000 to $20,400.
“It’s not surprising to see that the costs of purchasing and maintaining a new gadget or mobile device have gone up,” Associate Professor John Young said.
“The average cost for owning a smartphone has gone up by $19,400 since 2010 and the average for owning an iPad has gone down by $10 and $5 respectively.”
“In most cases, people are buying a gadget because they want it to do what they want.
But if you are looking to buy a new car, or a house, or an investment property, then you are probably looking at a price that is way above the average,” he said.
Professor Young said it was important to look at the consumer price index, which was a measure of inflation.
“If you’re a consumer, you want to buy something that is cheaper than what the average person is paying in other areas of their life,” he explained.
“We’ve got a real opportunity to reduce the cost of owning a car by about $5,000 if we put more incentives into it.”
The latest ABS data also showed the average income in Australia increased by $8,000 last year.
However there were still pockets of inequality.
“There are a lot of people in Australia who earn less than $50,000, and they’ve got to work longer hours to make ends meet,” Associate Senior Economist David Anderson said.
He said the high cost of buying electronics and other gadgets was contributing to low living standards.
“People who have a mortgage are paying about $20 a week more than those who don’t,” he added.
“So it’s a big problem.”
A report from Australian Property Institute says more Australians are living with family members.
The survey of 1,000 households found 57 per cent of households with children live with someone they know personally.
About 50 per cent also live with a family member, but that figure was closer to 70 per cent for those with a partner or spouse.