According to the latest Association of Superannuation Funds of Australia (ASFA) Retirement Standard, a couple looking to achieve a comfortable retirement would require expenditure of $56,406 a year (up from $56,317 in the March quarter), while those seeking a 'modest' retirement lifestyle need $32,656 per year (up from $32,603 in March).
The modest 0.2 per cent and 0.1 per cent respective increases were actually slightly less than the 0.4 per cent increase in the CPI over the same period.
The March quarter had seen a slight decrease in the costs of a comfortable retirement compared to the December 2012 quarter, due to decreasing leisure costs and despite an increase in health costs.
The June quarter saw a 3.4 per cent increase in the price of medical and hospital services, which was the main driver of an increase in private health fund premiums effective from 1 April 2013, ASFA stated.
"Rising health costs can be a concern for retirees as they often form a large part of their budgets. Similarly, increases in the cost of food, energy and transportation also have a significant impact,” ASFA chief executive Pauline Vamos said.
Other factors influencing changes in retiree cost of living in the June quarter were cheaper domestic holiday travel and accommodation ( down 4.0 per cent) and a decrease in petrol prices (down 3.1 per cent) while furniture costs increased 4.8 per cent.
The key indicator of food prices rose just 0.1 per cent, with vegetable prices up significantly (+3.3 per cent) but offset by falling fruit prices (-3.4 per cent).
Ms Vamos said many of these differences will even out in the longer term but it is important that policy makers are aware of the different items and how they impact the cost of living for retirees.
"It's important policy makers take this into account when considering how to address cost of living issues for this group," she added.
