Australia cost of living crisis

Despite being required by law to have processes to assist customer who are in debt, banks have made the process so complex that a third of people give up.

The Labor government is set to spend $215 billion more than it earns over the next five years.

Calls to the Small Business Helpline surged 82 percent compared with last year, as the ATO takes an aggressive approach to debt collection.

Victorians have it the worst, with over half of its people experiencing cost-of-living and personal debt distress beyond normal levels.

The Reserve Bank says households are surviving its repeated interest rate rises, but three percent of owner occupiers are now in a serious financial trouble.

Despite surging interest rates and high inflation, the median value of an an Australian house has risen by $188,000 since 2020.

Coles’ profit dropped 3.6 percent to $594 million compared to the same time last year.

With cost-of-living pressures rising, consumers have been calling for the grip of the two major players to be loosened, but the government has rejected this.

Brad Banducci will retire in September amid impending inquiries into price gouging by the supermarket brands.

It will probably take another two years for inflation to return to a midpoint of 2.5 percent, meaning ongoing pressure on household incomes.

Such a collapse hits not only employees and their families together with landlords who have lost long-term tenants, but also general confidence in the market.

Labor now, rightly or wrongly, owns the problem.

Farmers continue to suffer despite Australian supermarkets being under scrutiny for price gouging and code breaching.

This economic development signals challenges for budget management and households, emphasising the impact of increasing interest rates.

‘We are in a challenging and uncertain environment,’ said EY Australia Managing Partner David Larocca.

“Tonight is not the end of the road. It is certainly not the end of our efforts to bring people together,” Prime Minister Albanese said.

The results found that rented homes’ insecurity and unaffordability drove biological ageing.