Australians across the nation are feeling immense pressure due to the cost-of-living prices rapidly rising, with many having to re-think their spending habits.
Over the past few months the cost of petrol, groceries, insurances and interest rates have all skyrocketed, leaving many families under significant financial strain.
While some Australian wages have risen slightly, most Australians claimed that their incomes are not rising fast enough to keep up with the growing cost of living.
Primary school teacher, Martine Davis said the rise in fuel has had a big impact on her family.
“Living in a regional area where we have diesel cars has proven quite costly at the moment,” she said.
There is a high reliance on private vehicles in regional areas, often leading to high fuel and maintenance costs.
Ms Davis said she has had to think smarter when it comes to travel, limiting their trips into the nearest town and carpooling to cut down on diesel costs.
The NSW Australian Bureau of Statistics has shown that annual living costs has increased for all households between 2.3 and 4.2 per cent in the last year.
Australian National University academic Dr Phillips told the ABC that the increase in the cost of living had not been that high.
However, Ms Davis disagreed.
“Our interest rates have gone up a number of times in the past few months and look like they will continue to go up two or three more times this year,” she said.
She added that the consecutive interest rate hikes are causing high financial stress, and therefore careful consideration should be made about spending money on needs rather than wants.
Data shows that there has been a consequential increase in mortgage, petrol, groceries, and other essential items impacting Australian families in their day to day lives.
