Australia cost of living crisis

People on hardship programs and behind in their payments have both gone up over the past financial year, as reforms suggested in 2023 still languish.

Business failures have hit a post-pandemic peak, matching the rate measured in October 2020, with food and beverage the worst affected.

RBA says current forecasts do not predict inflation returning sustainably to the target midpoint of 2.5 percent until 2026.

Economists are raising concerns about underlying inflation, particularly the trimmed mean inflation rate, which stands at 3.5 percent.

ABS data shows CPI inflation fell to 2.8 percent in September, down from 3.8 percent in June, driven by government rebates and lower fuel prices.

Even those who can afford consultations face longer wait times for doctors and specialists and feel their GP doesn’t have enough time for them.

The new laws would target a wide range of industries, including ticket sellers and streaming services, to ensure more transparent pricing for consumers.

Daniel Keighran is selling 12 military service medals to look after his family of five.

Spending on services did rise 0.4 percent in August, led by increases in air travel, hotel accommodation, and dining out.

The IMF believes Australia’s economy is expected to recover gradually, with growth projected to begin picking up in the latter half of 2024.

While inflation has fallen within the target 2 percent range, the RBA chief has already warned that this would likely be temporary.

RBA says inflation has significantly decreased since its 2022 peak, thanks to higher interest rates that have aligned aggregate demand and supply.

Regulations propose key changes, including a mandatory Food and Grocery Code, improved dispute resolution, and penalties for breaches.

Finance Minister Katy Gallagher says Australia’s interest rate is still lower than the United States, even after today’s rate cut.

Experts have declared Australia is now in an ‘undeclared recession.’

Insolvency issues are also surging with small business owners with a 50 percent spike in complaints.

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.