Australians at absolute ‘breaking point’ amid cost of living crisis
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- Опубліковано 5 вер 2024
- Managing Director at PR Counsel Kristy McSweeney says Australians are at “absolute breaking point” amid the cost of living crisis.
Ms McSweeney's remarks come as a study by economic consultancy Polis Partners revealed that households on average have $10,700 less per year to spend on non-essentials like eating out, holidays, furniture and electronics, gym memberships and savings compared with 2020.
The report also revealing those with a mortgage are the hardest hit with approximately $21,300 less per annum to spend on non-essential spending compared with 2020.
“People are at absolute breaking point, they don’t know what to do and they're not only foregoing luxuries as we often hear about,” Ms McSweeney told Sky News host Chris Kenny.
“But people are now forgoing household essentials, they are foregoing feeding their kids, they are foregoing educational resources for their children.
“It is really at that second tier of things people just have to miss out on now which is so damaging to families out there who are doing nothing but working hard and trusting that the government is going to help them out at some point by having a cohesive economic strategy to get the country back on track.”
The government will not admit it but Australia is in recession
No sh-t sherlock...
I think the word your looking for is f****d
Why would the RBA want to admit they are collapsing the entire economy to take us into a Digital Gulag? Bank runs and people using cash etc is not what they want, they want you all in the system. Go get yourself some physical Gold and Silver.
You betcha it is . and a Million more migrants didn't help the Albozo regime one bit
they cannot admit it because if they do, then the Labor and his best mate the RBA cannot raise interest rate. They are so itchy at the moment waiting for the slightest moment to increase the interest rate.
Same thing in the USA. I'm 36, never married, homeless since the pandemic, and living in an old Toyota Sienna minivan now, despite working, and not addicted to drugs. Society is broken.
Thé whole World is at a breaking point. And, when it breaks, thé conséquences will bé catastrophic and irréversible for years to come. We have gone down at all levels. It's curtains for us.
The Bible calls it Tribulation.
Indeed. None of the current left wing political parties in Western countries will still in existence in 10 years time. They will all have gone the way of those previous Far Left deceptions, the Communist and Nazi parties.
@@vids4791why don't you get your friends to hand some of their bible sales then 😂
But what do we do just turn the other cheek?
@@basilio5150 Because too many of us are mentally enslaved to Communist propaganda.
It’s said your home is your most expensive purchase in your life. This is not true.
The most expensive ‘essential’ you will pay for is your government.
I studies human rights laws in college
The government is not in your corner
They work for the globalists
Indeed. Why do we need one again? someone please remind me.
When will Australians f***** realise no party fights for the system. They all are controlled by wealth owners.They are corrupt. We need a new party who will fight for the system that is not a fraud like One Nation Party. A party that sais if you ruin our system then you pay for it.
It's against human rights laws ri over price essential items
Not just Australia, check out other countries with stifling inflation.
Yeah, all countries with sky high immigration. What a coincidence!
Australia is doomed everthing is so expensive here
I left Aussie in 2014 as it was too expensive. I come back every 2 - 4 years for family.
This March I came back. It is TOO expensive to do anything except survive
i agree everything is a rip off here, literally everything.
I'm leaving for good in September/October .....cant wait!!
I’m leaving June one way ticket to Portugal to retire, been 20 years, was the lucky country now dead country walking 😢 sad to see, totally engineered by the government’s
Just out of interest you don’t have to answer.. but where in the world is better than Australia 🇦🇺
5 oranges 36 dollars what a joke
Aussie family’s should not have to be concerned about the cost of under 10s swimming lessons, soccer lesson, footy, martial arts kids activities fees etc etc
The cost of living seems to be increasing every year, making it harder to keep up
All by design by albosleezy disgraceful tratior
Not a whimper in protest...The Aussie way.
Except for Gaza 😂
@@marketdetectivebeat me to it.
@@marketdetectivealso lockout laws and greyhound racing.
Hey there were about 250,000 of us in Canberra against government overreach in mandates. We were (are) ridiculed as nutters and cookers. Maybe had the rest of you joined us the government would not have such a disdain for us
Imagine having time to do that these days
But they keep on sending billions O/S.
I'd rather Australia sends aid than troops. We must never forget that over 60,000 Australian troops lost their lives in The First World War.
@@clydesimpson1462 we don't need to send either.
A lot of money could be saved and redistributed to the people if Canberra was closed down, it is a black hole of taxpayer money, extremely expensive to maintain and of no benefit .
Australia has a Parliament House in every state and territory , federal government could use these buildings in a shared arrangement with state governments , it’d save a fortune for taxpayers.
Save Billions and house all the homeless.
Yes we need to hire Millei to slash our public service by 90% and Trump to sign us out of Net Zero mental insanity.
But the politicians need their 100's of millions each to be able to survive, why won't you think of all those poor politicians and the unelected bureaucrats leeching our taxes to fund an extravagant lifestyle?
that'why i need to work 14 hours a day, to pay my bills, thanks to albo government
Albo doesn't care that you work 14 hours a day he's only concerned with the 10 hours you're not working.
Damn stupid governments
according to a certain MP they work 18 hour days what I would like too know if this is true how did Barnaby Joyce get so drunk that he was laying in the street flat on his back
we are on our own!
Australians need to take to the streets
Or rather elect a new government,
Australia is gone its a Rothschild Colonial Outpost simple as that...the Banksters have done a exceptional job
Interest rates were never coming down by the end of the year
If anything They will go up by another percent
Banana communist republic is here
Agreed, I laughed every time a financial advisor promised an imminent "rates cut". I told them - have you taken a lot at our dystopian energy polices? If so how can you possibly believe interest rates will come down?
@connorduke4619 if they push rates up to high could that lead to unstable housing market residential?
I think they would do the same to keep air in the bubble drops rates to 0% give people 100k 1st home buyers building package and allow another million people in the country.
@@adiintel1 RBA remains somewhat independent of the ALP Narcissist Socialist and will likely not cooperate with 0% interest rates. We can get caught up in micro analysis, but the only wat out of this is to vote the ALP Narcissist Socialists out or better yet, demonstrate on the streets until they leave.
@adiintel1 You think this is a stable housing market
Yeah right
Why do people dripping with wealth tell us how poor we are?
People are leaving Australia
Where to? Most of Europe and North America are run by the same Socialist Narcissist lunatics.
Thinking of leaving Oz. Too damn expensive.
To where lol, everyone is in the same predicament
Where do you go? Which nation can you live in peace without high taxes and high prices?
Im going back to NZ
But politicians and the elite are ok tho 🙄
Lets hope it's affecting those who voted Labor
What about green supporters?
I voted for one nation and it's affecting my family.
So sick of labour and liberals
It is. They're just not mature enough to admit it.
It affects everyone, no matter how they voted
I am a 71 year old pensioner who spends 80% of my pension goes on rent and power bills and I only eat one meal a day because I run out of money before my next pension payment comes around, I can't afford to do or go anywhere because I have no money to do anything 😢😢
50% goes to taxes left retard
Sorry to hear this. I hope you have some friends that you can do free or low cost activities with.
Go to a food bank or food pantry or church in your area and ask for help with food and power bills. Churches are also helpful for many other areas for u ❤
Serves people right for shutting down all the small battlers trying to compete on their behalf. Coles and Wollies own you now, live with it.
👍
8 dollars for a bag of little chocolate at the common expensive convenient garage , I'm not in the Bahamas, disgusting
No!!!!TIME IS NOW to protest against the cost of living.I paid $65 the other day to replace a flat tube on a golf cart - can anyone beat that? ( with a relative example ).
when will Aussies wake up...your govt is too big.....plus you depend on the govt. way too much.
TRUSTING THE GOVERNMENT. OH HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA.!
Pensioners are suffering more than others I think 😮
I received 2 PAYG notices in 2 months! They are desperately trying to drive me into poverty.
Thanks. Done. :) Just want to make sure that they know.
It’s by design.
...how many times can struggling aussies...get up off the canvas?
An infinite number. We are after all, immortal spirits.
Second highest minimum wages in the world
Ian
Ask rocky
But look how your house has gone up after borrowing to the moon and paying above and beyond
It doesn’t matter how much it has gone up unless you have two or more houses, if you still want to live in one yourself.
Became slaves- work for food and bed. GULAG camp aus version?
The government should be putting a price cap on real estates, so no more than a 5% annual increase on rents. That’ll help 3/4 of Australia’s population on rent, would be a good start. Families won’t have to only be eating 1 meal a day, if this changes. Grocery Stores are price gouging their items! Far too many people can’t afford medications due to rise in prices. It’s down right appalling when people have to decide whether they eat or have money to purchase medicines. Public housing needs to be addressed and the price of petrol needs to go down. The Australian government has a lot to answer for…. So many broken promises. We aren’t a lucky country anymore. No one wants to call Australia home, anymore. We aren’t happy.
Classic socialism. Give! Provide! Set price! Government must care of us, silly and poor! So you got your government, spending on poor and promising everything to everybody. Enjoy the result.
Unfortunately this is not a practical solution as for the property owners the costs go up significantly more than 5% per year, what would happen then is all these rental properties would start being sold and renters would have much less stability as it wouldn't be worth it for people to hold onto an investment property if their expenses have increased by 20% or more due to increased interest rates, insurance costs, land and water rates costs, increased maintenance costs etc, but they're only allowed to increase rent by 5%
The lucky country - what a crock!
You will own nothing and be happy does that ring a bell ageenda 21 30
10k less? I survive on 15k a year
I’ve cut out breakfast and lunch, I just have a sandwich for dinner. I allow $50 for fuel each week, when I run out I don’t go to work. I don’t go out anywhere anymore
HOW CAN PENSIONERS COPE .???
I am a 77-year-old pensioner. I live Ok. Have a decent car, food and cold beer in the fridge. If you have own home, you Ok. If you pay rent, you cannot survive. People have their whole life to put a roof over their heads.
Not driving on your roads which are a legitimate scam now days with the cameras pinging off and sending fines for going 6 over the limit - $300 fine. This is what a legitimate scam is so no more driving.
“Experts are predicting that rates will rise again and not go down, which is amazing as we were all talking about rates going down just last month”.
You can talk about rates going down all you like, but they’re not going to.
The RBA have not once mentioned a rate cut this year, just another media beat up by journalists.
Prices never go down. ^ ONLY UP ^. My prediction about this shonky form of capitalism is coming true. EVERY economy is tending towards hyperinflation, just some economies are in a more advanced stage than others. Wages can never keep up with prices if the benefits of increased productivity and efficiencies never go back to employees, instead primarily into the pockets of greedy CEO's or shareholders who don't deserve it, especially if they only managed to increases profits at the expense of workers or consumers in the first place. A certain precedent of profiteering takes place that needs to be maintained or improved upon each year - without fail or excuse. It's all dandy if the economy is in a healthy state, however once that constant revenue stream begins to dry up, the average person will be the first to suffer from poorer working conditions and decreased purchasing power as these companies go panic-mode over their profit margins, addicted to keeping their bottom line at any cost. Even if it costs lives or the economy itself!
Increasing interest rates are only going to hurt the people that are hurting already. If its to sliow housing they need to significantly reduce immigration. Unfortunately people coming in are more than likely paying cash for housing which will only drive up house prices making it harder for the youth trying to make a start on life
Harry
Never understood this. Why would a very Chinese or Indian come to Australia?
If you're well off already then you'd be living superbly at home
@@coasteyscoasteys we live in an amazing county, who wouldn't want to live here?.. I don't oppose immigration, I just think they need to focus on having houses available for the people wanting to live here to stop this craziness.
@harryh9391 landscape wise it's nice but that alone doesn't determine a good country.
Need good national pride and harmony, good friendly communities, good infrastructure meaning you can get from A to B easily, good health system,
100 mil to fund the war
How do we start protests against the rates? We are now broke and just working to pay tax and mortgage.RBA didn't do its homework before raising rates.should have checked price gouging and increase in insurance costs every year. We need mass protests on rate hike as every Australian (leaving gas, banks,power,coal and insurance companies)are in severe stress.RBA's decision emptied our rainy day and emergency savings.And still no sign of reduction in rates. If you are looking at USA, then give us 3% rates for 30 year term .they are not feeling it but RBA followed it the wrong way. Mass protests for rate hike is our only way to let them hear us.
Problem is.. we have this culture in Australia where we just cop it in the chin and keep going, basically get fkd by the government daily. Go look at France and how they react to something the government changes… rightly or wrongly they don’t take shit.
Sammo
Usa has longer fixed terms but I think they have rules as to how much you can pay back
So still stuck
what cost of living crisis? the RBA and the Labor are living in luxurous life style right now, and they are so itchy to increase the interest rate because their spending fund is abit low.
I just paid $360 to a plumber for a 10 minutes job in the shower. In a city with 5.5. million population you cannot find it cheaper because there are shortage of plumbers. And so everywhere - bus drivers, truck drivers, medical personnel, electricians etc... Because half of the population lives on social payments and do not want to work, and anorther half have to pay higher taxes to suppost those on social welfare. Youg people cannot afford tuition fees at unis and TAFEs because they prefer foreign students with money.
Why Sydney get $500 one off payment for energy relief
And vic $ 250 ????for this 2024 budget
Well the economy should have crashed back in 2008-2009 but instead they manipulated the markets and kicked the can down the road, well guess what….. not much more road to go and that cliff is right in front of us. Going to be a lot harder of a fall now compared to what it was going to be 15 years ago.
Terrible, Ill add, try being an injured worker in iCare system currently. They are cost cutting at every opportunity as well, denying access to travel costs etc., Usual dirty tactics at play- bleeding cash and injured workers suffer. Collapse imminent?
They are talking about raising rates again because of inflation… even though they are causing the inflation with record migration and industry price gouging
If it makes Australians feel better, the cost of living on the wh9le is even more expensive here in NZ. I was in Queensland last month and went to a supermarket in an upmarket suburb to get groceries to make dinner for my friends who we were staying with. OMG the cost of pretty much everything was signed ifics tly lower than what we pay in nz. I couldn't believe it. Meat was maybe only slightly cheaper, but everything else was easily half the price to what we pay in NZ; we are talking bottled items, bread, fruits, yogurt, cereals, pasta, frozen items, EVERYTHING. I was shocked. I can now understand why so many kiwis move across- life is still expensive in Australia for sure, but the basics look significantly less. My husband and I calculated that in grocery shopping alone we would probably be about $7k better off a year.
Same going on in Britain.
Yes,thank you Brexit
Cost and living crisis not for the ones on the list. Why is that?
🇺🇸Sending money overseas is it humanitarian aide for Ukraine.Usa sent $60 Billion dollars.35 Trillion dollars government deficit .
ALPs Fault
There is only one party controlled by the WEF
So liberals have done a stellar job? 👌 😂
Australia is broken
I see a Woolworths in this video. All our Woolworths went out of business ages ago.
albo is done
Maybe tax more of our resources and give back to Australians
Sell the mercedes and buy a Honda start living in your means. Too many people had it too good for too long.
Hondas, kias, Mazda’s - you think these cars are any cheaper… medium family suv which most people buy because they need it costs around 50/60k (new or dealer used).
Once Australia shut down car manufacturers in Australia… good bye decently priced cars!
Dont buy an SUV when u have 2 kids you dont need one@@azamatbogatov1600
I believe this is the result of a loose monetary policy years back.
I had a conversations about this with a client of mine just the other day, I hardly know anyone doing it tough, same with him. Most are going on holidays, buying new cars...it really only must be a fairly small percentage that really at 'breaking point'.
Keep voting for left. Then keep voting for right. Then come back to left. Poor people.
Thank God we have AnAl to guide us through these troubling times. Cost of living is nothing compared to nasty memes portraying AnAl as the clown that he is.
When you kill the golden goose what do you expect?remember AUKUS?Cancel the Subs!Used the cash from AUKUS subs $600 billion to pay every citizen in Australia $1 million dollars and build houses for them🤣
Spoiler .....
Inflation in Australia on a world scale is NOT high
Higher wages are good for all Australians
^^ I am busy laughing while
I cry inside - I have forgo eating much and forgo so much basic necessities
I don’t even buy cookies or ice cream anymore
People shouldn’t have bought a house at their borrowing capacity
What can you say ..
This is sad.
Self use property should get deductions on interest expenses instead of investment. Further raise on interest rate will only cost renters more in this imbalance market.
When the Medicare dental scheme benefits going to start ?? And how much we get it
A big part of the cost of living is high interest rates which is exactly whats taking away from budgets. Higher interest rates, higher prices for everything because small business cant absorb higher minimum wages and interest rates on their borrowings. Just check out the stats, some 5k to 10k small businesses are now closing per month. The more businesses close, the less competition, the higher prices in the future...
Borrow more money!!!!
Throw more stimulus at it 😂
Why is there still record number of new car sales 🤔
The problem is green energy
The problem is poor government
This thumbnail title applies to Canada as well!
I’ve still got plenty of money??
Me too😀
Sustainable development with an emphasis on self-reliance.
Albo collects rent.
Read the Six Lessons of Mises if you want to understand why we're here.
I can only afford meat once per week for 1 meal. Going to the local swimming pool ONCE is equivalent to a 4 week holiday in terms of affordability 😢
18mths ago it was YOLO Christmas, now we’re at breaking point?? How about a bit of personal responsibility.
A great problem for so many
Where do they get the consumer index ay 7 %.. I have seen 30/40 % what about fuel. last week $1:85. this week $2:25 ... 7 % ? . they need a new calculator .
We may be at breaking point but at least we have the benefit of knowing that we are - somehow or other, although no one can rationally explain it - "saving the planet!?!"
I keep hearing this but it seems like I’m the only one actually feeling it.
poltican in labor government buying more investment properties for themselves , Nick kin green senator owns 6 homes , albonese 9 homes ! are high taxes or more taxes needed in australia no
Were doomed here in oz land down under rates too high petrol too high too many bills n food n clothing too expensive....were digging into everything we got....gloomy future down here ....not much work out here also 😢😢😢
Nothing to do with the Interest Rates as the things are Independent away from the Spending Patterns of Aussie Population where the Household Cash hasn't been caughtup with the Growth situation as the Businesses couldn't get with Financial Leverages for Investments in New Avenues or could be more of into improving BalanceSheet with reductions in Debts and Payoff on Equities.
My current balance about $30 in my daily bank account.
Interest rates should be low and inflation should be controlled by GST.
It should be pay as you spend not pay more the more debt you have.
Banks and supermarkets fuel energy taking it all. Same major shareholder in all of them.
They say we are kicking goals spending to much money around that's why they are putting up the intrest rate's again .
Someone is spending my share.
This issue does NOT affect ALL Australians. At lease try to be somewhat factual. It falls predominately on people with large mortgages. People on government handouts are largely immune as their handout is indexed to the inflation rate. Self funded retires are largely immune as investment returns are running well ahead of inflation. Those still working with just a small mortgage or fully owned home are getting along ok.
It all comes back to insane government policy regarding artificially low interest rates that created the housing bubble. Those caught by the bubble are the only real casualties.
So where is the news then? At least dropping some stats
We voted Albo in to fix problems.....hes done jack shit.
Remember, always remember, your government loves you!
To Mr. Prime minster and Top end of town Rich heads.
I have bone to pick with you have made housing unaffordable and there are fewer paying jobs and higher crime rate. Thank u so much labor and liberal for stuffing everything up. I trying to save to buy a small home or unit and things have shot up out of hand and also looking for paided employment. We don't any more people coming from overseas about helping the homeless in Australia and provide them a secure roof over their head. The charities are picking up the pieces of failed government policy helping people shame on you. You also didn't help me with my foot care bills that have shot 3 times in one year. to top end of town, you didn't have guts to answer my letter at start of 2020 asking about the pandemic and will not vote labor or liberal again until u both get your acts together and fix this current mess.