Time to read : 4 Minutes
Australia is home to an estimated 28.7 million pets spread across 6.9 million households. That means 69% of all Australian households have a pet.
Pet ownership brings joy, companionship, and plenty of tail wags, but it also comes with a hefty price tag.
Australians collectively spend $33 billion each year on pet care.
The average annual household cost is approximately $3,218 for a dog.
It’s a bit less if you’re a cat person, but the average cost is still $1,715.
If you’re considering getting a cat or dog, let’s take a closer look at the type of costs you can expect throughout their lifetime.
The true cost of pet ownership
It’s not just major medical bills that drive up expenses. There’s food and daily needs for your furry buddy, plus insurance, pet sitters or kennels for frequent travelers, and even doggy daycare for busy professionals. These costs add up quickly – before you know it, man’s best friend is also a major financial commitment. Even the upfront cost of getting a pet is a serious barrier for some. In fact, 59% of non-pet owners cite cost as their top concern. Ongoing expenses are also a key worry for both non-pet owners and current owners.
Yet, despite the costs, Australians remain devoted to their pets. Nearly half of all households own a dog, and a third have at least one cat.
So, where is all the money going?
Of the $33.2 billion spent annually on pets:
89% is dedicated to dogs and cats
food accounts for 51% of total spending
veterinary services account for 14% while pet products and accessories are 9% and pet healthcare products also account for 9%.
Dog owners tend to spend more than twice as much as cat owners. Larger dogs require more food, but they also tend to rack up bigger vet bills – suggesting they might get into more trouble than their feline counterparts. This also explains why pet insurance tends to be pricier for dogs.
Additional costs like dog-proofing your yard, hiring a dog walker, or enrolling in doggy daycare are expenses that cat owners typically don’t have to worry about.
Can you keep the costs of having a pet down?
For most pet lovers, the joy of having a furry companion outweighs the financial burden. However, a little planning and research can help prevent unexpected costs.
Where you get your pet from
Adopting from a shelter is often a more affordable alternative to buying from a breeder.
The cost of a purebred dog can run you anywhere from $800 to several thousand, depending on the breed, with popular breeds like Cavoodles and Golden Retrievers regularly costing up to $5,000. Comparatively, the RSPCA charges around $500 to adopt a dog.
Purebred cats (also known as pedigree) can also push up to $2,000, with the extremely cute Maine Coons coming in at up to $3,000 for a kitten. Compare that to the RSPCA's $270 for a kitten.
The RSPCA also holds 'Clear the Shelter' adoption days with discount rates, so it’s worth keeping an eye out on their social platforms if you’re considering adoption.
You can also use platforms like PetRescue to monitor what’s available for adoption from rescue organisations and shelters, or check your local Animal Welfare League.
Considering these options can help you understand the initial costs to owning a pet.
Pet insurance
Pet insurance can save you from expensive vet bills, and there are some tricks to keep premiums lower. For example, keeping your cat indoors protects them and local wildlife and reduces the likelihood of accidents, helping to lower insurance costs (although your couch might not thank you).
Yes, but… certain dog and cat breeds are prone to health issues, which can drive up insurance and vet bills. And some pet insurers won’t provide cover for pets over a particular age. Always do your research especially if your heart is set on a particular breed.
Setting up an emergency pet fund could be a smart way to avoid financial strain if unexpected vet bills arise.
Track your costs
Tracking pet expenses in a spreadsheet can help manage costs, including one-off and infrequent expenses like training and grooming.
For recurring costs such as food and litter, buying in bulk can lead to significant savings if you’re able to. Signing up for mailing lists and loyalty programs can help you track sales and cut down on expenses, including medication costs.
Talk to experts for tips
Don’t hesitate to discuss costs with your vet. They’re often pet owners too and understand financial constraints. They can recommend affordable diet and care options to keep your pet healthy without unnecessary expenses.
For example, indoor cats may not require regular flea and tick treatment, which will save you some dollars.
And don’t forget, regular checkups also help catch health problems early, potentially saving you a lot of money on more serious treatments down the line!
Bottom line
Pets can be expensive. How much you spend on a pet depends on your financial situation and lifestyle, but now that you know the type of costs involved, you can decide the best way forward.
Remember:
Cats are generally more affordable than dogs.
You can potentially save thousands by choosing a rescue animal rather than a private breeder.
The cost of having a pet is similar to having an additional family member. Weigh up the ongoing weekly or monthly costs and set aside an emergency fund for unexpected costs – such as a visit to the vet. If after doing the maths, the costs are out of reach, options like fish or birds can provide companionship without the high financial commitment.
Pets bring endless joy, but they also rely on us for their wellbeing. Taking the time to assess your financial readiness before adopting an animal friend ensures both you and your pet can enjoy a happy, stress-free life together.
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Disclaimer
The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Compare Club Australia Pty Ltd.
