You won’t believe how badly the cost of living crisis is hitting people across the country—are you at risk too?
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If you stopped a random Aussie on the street today and asked, ‘How are you going?’ you’d probably get a wry smile, a shiver from the winter chill, and a blunt, ‘Broke, mate.’ It’s not just a passing feeling—being strapped for cash has become a national mood, and it’s hitting people from all walks of life, not just those on government benefits or minimum wage.
Once upon a time, feeling broke was something you might have associated with students living on two-minute noodles or pensioners stretching every dollar. But now, it seems like everyone—from young professionals to retirees—is feeling the pinch. The cost of living crisis isn’t just a headline; it’s a reality that’s affecting the way we shop, eat, and even sleep at night.
A Nation United by Financial Stress
When reporters took to the streets of Sydney to ask, ‘Do you feel broke right now?’ the answer was a resounding, unfiltered ‘yes’. There was no bravado, no sugar-coating—just a collective sigh of financial exhaustion. One person summed it up with a simple, ‘Severely yes.’ Another, working in the arts, said her situation was ‘eternal’. Even those who didn’t want to be filmed admitted they weren’t exactly rolling in it.
And it’s not just about perception. The numbers back it up. According to Finder, a whopping 37% of Australians have less than $1,000 in their savings accounts, and nearly 60% are experiencing financial stress. That’s more than half the country lying awake at night, worrying about bills, groceries, and whether they’ll have enough left over for a treat at the end of the week.
Rising Costs, Stagnant Wages
It’s not your imagination—everything really is more expensive. The median rent in Australia has soared past $600 a week, and the national average dwelling price has hit $1 million for the first time ever. Meanwhile, wage growth has limped along at just 3.4% over the past year. For many, it feels like running on a treadmill that’s speeding up while your legs are getting tired.
Even those who are working more or earning a bit extra aren’t feeling the benefits. One Sydneysider said, ‘My income has gone up, but everything like groceries has gone up as well. I don’t feel like I’m making much more money.’ Another echoed, ‘I’m working more and I somehow have less money.’ Sound familiar?
The Relentless March of Inflation
Financial expert Julian Finch says he’s seeing more and more Aussies feeling like they’re going backwards. ‘The cost of everything has gone up and our wages don’t keep up,’ he says. And while the government might claim inflation is easing, Finch isn’t convinced. ‘This is a myth of mega proportions as costs have gone up between 10 and 40 per cent over the past three years,’ he explains. Even if inflation slows, prices aren’t going to magically drop back to what they were before. The new normal is here to stay.
A Growing Divide
While many are struggling, Finch points out that there’s a widening gap between the haves and the have-nots. ‘For everyone who is doing it tough, there are people out there doing it easily. It is one of those situations where there is a class divide where the rich are getting richer, and the poor are poorer.’ It’s a sobering thought, especially for those of us who remember a time when things felt a bit more balanced.
How Are Over-60s Coping?
For our Seniors Discount Club community, the cost of living crisis can feel especially daunting. Many of us are on fixed incomes, and every price hike chips away at our hard-earned savings. Whether it’s the rising cost of groceries, skyrocketing energy bills, or the challenge of finding affordable housing, it’s easy to feel overwhelmed.
But there are ways to fight back. From hunting down the best discounts and deals, to sharing tips on stretching your dollar further, our community is all about supporting each other through tough times. And remember, you’re not alone—millions of Aussies are in the same boat.
What Can You Do?
We want to hear from you! How has the cost of living crisis affected you? Are you finding it harder to make ends meet, or have you discovered clever ways to save? Share your stories, tips, and questions in the comments below. Let’s support each other and get through this together—because if there’s one thing Aussies do best, it’s looking out for our mates.
Once upon a time, feeling broke was something you might have associated with students living on two-minute noodles or pensioners stretching every dollar. But now, it seems like everyone—from young professionals to retirees—is feeling the pinch. The cost of living crisis isn’t just a headline; it’s a reality that’s affecting the way we shop, eat, and even sleep at night.
A Nation United by Financial Stress
When reporters took to the streets of Sydney to ask, ‘Do you feel broke right now?’ the answer was a resounding, unfiltered ‘yes’. There was no bravado, no sugar-coating—just a collective sigh of financial exhaustion. One person summed it up with a simple, ‘Severely yes.’ Another, working in the arts, said her situation was ‘eternal’. Even those who didn’t want to be filmed admitted they weren’t exactly rolling in it.
Aussies have been struggling with their budgets amid the cost of living crisis. Image Credit: Pexels/Mikhail Nilov
And it’s not just about perception. The numbers back it up. According to Finder, a whopping 37% of Australians have less than $1,000 in their savings accounts, and nearly 60% are experiencing financial stress. That’s more than half the country lying awake at night, worrying about bills, groceries, and whether they’ll have enough left over for a treat at the end of the week.
Rising Costs, Stagnant Wages
It’s not your imagination—everything really is more expensive. The median rent in Australia has soared past $600 a week, and the national average dwelling price has hit $1 million for the first time ever. Meanwhile, wage growth has limped along at just 3.4% over the past year. For many, it feels like running on a treadmill that’s speeding up while your legs are getting tired.
Even those who are working more or earning a bit extra aren’t feeling the benefits. One Sydneysider said, ‘My income has gone up, but everything like groceries has gone up as well. I don’t feel like I’m making much more money.’ Another echoed, ‘I’m working more and I somehow have less money.’ Sound familiar?
The Relentless March of Inflation
Financial expert Julian Finch says he’s seeing more and more Aussies feeling like they’re going backwards. ‘The cost of everything has gone up and our wages don’t keep up,’ he says. And while the government might claim inflation is easing, Finch isn’t convinced. ‘This is a myth of mega proportions as costs have gone up between 10 and 40 per cent over the past three years,’ he explains. Even if inflation slows, prices aren’t going to magically drop back to what they were before. The new normal is here to stay.
A Growing Divide
While many are struggling, Finch points out that there’s a widening gap between the haves and the have-nots. ‘For everyone who is doing it tough, there are people out there doing it easily. It is one of those situations where there is a class divide where the rich are getting richer, and the poor are poorer.’ It’s a sobering thought, especially for those of us who remember a time when things felt a bit more balanced.
How Are Over-60s Coping?
For our Seniors Discount Club community, the cost of living crisis can feel especially daunting. Many of us are on fixed incomes, and every price hike chips away at our hard-earned savings. Whether it’s the rising cost of groceries, skyrocketing energy bills, or the challenge of finding affordable housing, it’s easy to feel overwhelmed.
But there are ways to fight back. From hunting down the best discounts and deals, to sharing tips on stretching your dollar further, our community is all about supporting each other through tough times. And remember, you’re not alone—millions of Aussies are in the same boat.
What Can You Do?
- Check your entitlements: Make sure you’re getting all the government benefits and concessions you’re eligible for.
- Shop smart: Take advantage of seniors’ discounts, loyalty programs, and bulk buying where possible.
- Cut unnecessary expenses: Review your subscriptions, insurance, and utility plans to see where you can save.
- Reach out: If you’re struggling, don’t be afraid to ask for help—whether it’s from family, friends, or community organisations.
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