Is this habit draining more money than the government? Independent report shares startling statistics across Australia
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Many Australians, especially seniors, find ways to earn and save more money.
However, certain habits could lead to dire consequences—not just to people's wallets but also to the economy.
In a revelation that may come as a shock to many, a recent report highlighted a concerning trend in spending habits.
According to a report by Equity Economics, Australia has lost more money to gambling annually than the federal government allocates funds for aged care.
This startling fact exposed a significant social issue that is flying under the radar, especially when compared to other public expenses.
The report painted a grim picture of the gambling landscape in Australia.
Equity Economics revealed that Australians are losing $31.5 billion to gambling annually.
Yet, this figure continues to rise at a rate that could outpace the costs of education, housing, and even inflation.
These alarming results came to light amid the cost-of-living crisis, a time when people are expected to suppress spending.
The comparisons made by the authors of the report were also eye-opening.
According to the report, the $31.5 billion lost to gambling is more than the $28.3 billion the federal government spends on aged care.
However, it came close to the $35.2 billion dedicated to the National Disability Insurance Scheme (NDIS).
The report went on to describe gambling losses as a 'hidden, unspoken black hole' in household budgets.
While swift action has been taken in other areas, there has been a 'complete policy vacuum' when it comes to mitigating the financial impact of gambling.
Lower-income households were identified as at risk with gambling expenses, as the rising cost of essentials tends to squeeze budgets and leave little room for unexpected expenses or spending.
The report also suggested that these households were disproportionately burdened by gambling losses, which could lead to debt.
The Alliance for Gambling Reform and Wesley Mission, both long-term campaigners for gambling reform, commissioned the report.
They have been advocating for stronger restrictions on gambling advertising and operating hours.
Martin Thomas, the alliance's Chief Executive, pointed out that gambling is often an overlooked factor impacting the cost of living for families.
He argued that reforms, such as bans on gambling adverts, could provide significant relief without contributing to inflation.
Stu Cameron, Wesley Mission's Chief Executive, echoed this sentiment.
Cameron criticised the state and federal governments for not taking sufficient action to address gambling losses.
He emphasised the daily impact these losses have on families and strongly advocated for banning gambling advertising.
The report's findings were supported by academic research.
Monash University associate professor Charles Livingstone noted that gambling losses often increase during times of financial hardship.
He explained that stress could lead to the development of gambling habits as a form of relief, with poker machines being particularly prevalent in areas of disadvantage.
In light of these findings, the report called for stronger government intervention against gambling.
Advocates cited gambling's public health impact, addictive nature, and significant negative externalities as the main reasons for intervention.
They also argued that the current level of regulation and widespread accessibility of gambling opportunities require a more robust response from policymakers.
However, recent developments in New South Wales suggested that the government may be moving in the opposite direction.
Despite previous pledges to remove poker machines from the state, the NSW government announced a policy reversal after advice from an independent panel on gambling reform.
This report should be a wake-up call to Australians, especially to those with gambling addiction.
It's time to talk about the role of gambling in our society and the true cost it imposes—not just financially but physically, mentally and emotionally.
If you or someone you know needs gambling intervention, you can reach out to Gambling Help Online through their website or their hotline at 1800 858 858. The National Debt Helpline is also available at 1800 007 007.
However, certain habits could lead to dire consequences—not just to people's wallets but also to the economy.
In a revelation that may come as a shock to many, a recent report highlighted a concerning trend in spending habits.
According to a report by Equity Economics, Australia has lost more money to gambling annually than the federal government allocates funds for aged care.
This startling fact exposed a significant social issue that is flying under the radar, especially when compared to other public expenses.
Slot machines and poker games have been a prevalent form of gambling among Australians. Image Credit: Pexels/Darya Sannikova
The report painted a grim picture of the gambling landscape in Australia.
Equity Economics revealed that Australians are losing $31.5 billion to gambling annually.
Yet, this figure continues to rise at a rate that could outpace the costs of education, housing, and even inflation.
These alarming results came to light amid the cost-of-living crisis, a time when people are expected to suppress spending.
The comparisons made by the authors of the report were also eye-opening.
According to the report, the $31.5 billion lost to gambling is more than the $28.3 billion the federal government spends on aged care.
However, it came close to the $35.2 billion dedicated to the National Disability Insurance Scheme (NDIS).
The report went on to describe gambling losses as a 'hidden, unspoken black hole' in household budgets.
While swift action has been taken in other areas, there has been a 'complete policy vacuum' when it comes to mitigating the financial impact of gambling.
Lower-income households were identified as at risk with gambling expenses, as the rising cost of essentials tends to squeeze budgets and leave little room for unexpected expenses or spending.
The report also suggested that these households were disproportionately burdened by gambling losses, which could lead to debt.
The Alliance for Gambling Reform and Wesley Mission, both long-term campaigners for gambling reform, commissioned the report.
They have been advocating for stronger restrictions on gambling advertising and operating hours.
Martin Thomas, the alliance's Chief Executive, pointed out that gambling is often an overlooked factor impacting the cost of living for families.
He argued that reforms, such as bans on gambling adverts, could provide significant relief without contributing to inflation.
Stu Cameron, Wesley Mission's Chief Executive, echoed this sentiment.
Cameron criticised the state and federal governments for not taking sufficient action to address gambling losses.
He emphasised the daily impact these losses have on families and strongly advocated for banning gambling advertising.
The report's findings were supported by academic research.
Monash University associate professor Charles Livingstone noted that gambling losses often increase during times of financial hardship.
He explained that stress could lead to the development of gambling habits as a form of relief, with poker machines being particularly prevalent in areas of disadvantage.
In light of these findings, the report called for stronger government intervention against gambling.
Advocates cited gambling's public health impact, addictive nature, and significant negative externalities as the main reasons for intervention.
They also argued that the current level of regulation and widespread accessibility of gambling opportunities require a more robust response from policymakers.
However, recent developments in New South Wales suggested that the government may be moving in the opposite direction.
Despite previous pledges to remove poker machines from the state, the NSW government announced a policy reversal after advice from an independent panel on gambling reform.
This report should be a wake-up call to Australians, especially to those with gambling addiction.
It's time to talk about the role of gambling in our society and the true cost it imposes—not just financially but physically, mentally and emotionally.
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