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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.
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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.
The increase may be partly due to some Australians avoiding eating out and choosing to cook more at home.
Median quarterly electricity bills also surged from $300 to $350 during the six months to August, however government rebates are expected to soften the blow in the short term.
While many renters have been hit with hikes over the past 12 months, it was homeowners who were more likely to say their savings had taken a hit.
Interest rates have gone from historic lows to their highest point in a decade. The cash rate hikes mean a family with a $610,000 mortgage is now paying roughly $1,500 more in monthly repayments – or about $18,000 a year.
Despite these financial pressures, a quarter of Australians had not done any shopping around to try and save on their bills, the survey found.
Koch said this could be an easy way for Australians to save some extra cash.
"Because we think we're getting a good deal, we often neglect to look elsewhere and could
be missing out on hundreds of dollars in savings," Koch said.
"Australians have got to stop paying the loyalty tax and letting bill hikes go through to the keeper."
