Overview
- A KPMG-backed study finds overall life satisfaction in Australia is now lower than in the mid-2010s and lower than during the pandemic.
- The report and ABS data point to sustained financial pressure as the main cause, with wages rising about 17.5% since mid-2021 while inflation rose about 23.3%, eroding real pay.
- People aged 25 to 34 recorded the lowest score at 6.8 out of 10, down from 7.5 in 2019, a drop KPMG links to high rents and mortgage costs.
- More than one-in-five households say they could not raise $2,000 within a week and over a quarter have faced at least one cashflow problem in the past year, exposing weak emergency savings.
- Prime Minister Anthony Albanese has acknowledged the economic stress is reshaping politics and the government has proposed budget and property tax changes aimed at improving chances for first-home buyers.