Tweet Facebook Mail Australians are increasingly struggling to make ends meet amid the cost-of-living crisis, with 1 in 5 now saying money has become a daily stress, a new national survey has found. The survey of 3000 Australians was conducted by Compare the Market for its 2024 Household Budget Barometer report. It found 46 per cent of people were dealing with financial worries at least once a week.
READ MORE: Queensland camper bitten in the face by a dog A quarter of Australians said their grocery bill was the most worrisome expense. (Getty Images/iStockphoto) One in 5 respondents said their savings were going backwards, while 15 per cent were now in debt or are seeing their existing debt grow. Inflation has been above the Reserve Bank of Australia's (RBA) target range of 2-3 per cent for 11 consecutive quarters, a trend expected to continue until mid-2025.
Over the twelve months to the June 2024 quarter, the Consumer Price Index rose 3.8 per cent. Compare the Market Economic Director David Koch said everyday costs, not luxury items, were causing the most distress.
"Most people aren't overstretching or living beyond their means, they are just trying to get by, but it's the rising cost of essential items that is killing them," Koch said. Australians are now spending a third more on their groceries than they were six months ago, according to the report. The median grocery spend was $200 in August 2024, compared with $150 in January 2024.
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