Australian retirees and pensioners are being pressured by increasing mortgage interest charges with inflation increasing by 0.2% in the last quarter.
This is despite the Federal Government introducing an indexation of pensions and allowances in April 2024 to combat inflation, but senior citizens claim it is not enough.
Pensioners Richard and Mary Irwin are struggling to pay the bills and are being forced to relocate.
“We never planned to move again after our retirement,” Mr Irwin said. “It’s a shame that we have to move out.”
The Irwin’s planned to retire 10 years ago and moved out of their family home in Harrington Park whilst their future home was being built – a penthouse apartment in Park Central in Campbelltown City.
The area has a hospital and easy transport options to Sydney.
Mr Irwin said that Park Central was perfect for their situation, also offering easy access to shopping facilities.
“We have made home here, taken our grandchildren to the park and made a tradition out of walking to lunch at the shopping centre,” he said.
:I don’t want to leave but I have faith that we will adjust, just as we have before.”
Mrs Irwin feels less sentimental about the move, driven by her frustration with the housing crisis, but is grateful to be moving to a property in the Liverpool area where they will be debt-free.
“The move isn’t about us, it is about ensuring that we can live our retirement debt-free,” Ms Irwin said.
“I’m upset that we’re losing our plant space.
“But you win some things and lose a few others.”
The cost of living crisis continues to affect over 3.3 million Australians of all ages, leaving 700,000 of those in extreme debt.
