Ordinary Australians aren’t coping with basic living costs.
While many have suspected this, an official report has come out by BT Australian Financial Health. It confirms that disturbingly in our lucky country, across Australia as many as one in three Australian families survives financially from one payday to the next.
Its report states that one in three Australians cannot afford basic living expenses, and that doesn’t include the many thousands of people, particularly rural Australians, who have endured natural disasters such as bushfires and floods over recent months.
So many Australians have declared that they are so close to the breadline that if the main breadwinner lost his/her job, few households would be able to find $1000 for an emergency.
Our grandparents would be horrified that so many Australian households have sunk to this level, comparable with 1930s Depression desperation. The only difference is that the availability and abuse of credit hides Australia’s poverty reality. But that credit dependence is dangerously wafer thin, and stress driven substance abuse is at an all-time high.
Depression and marriage breakdown caused by financial stress have become commonplace. Such are the symptoms of a forelorn, withdrawn and increasingly dysfunctional society.
Australians do not deserve this, yet circumstances are set to worsen.
Australian savings have similarly plummeted. Half of working Australians could not survive for six months without a wage. One in three cannot afford basic living expenses and will not have a secure retirement, one in 11 would have trouble borrowing $2000 and just two in five workers save regularly.
Because of immigrant fueled price hikes of Capital city housing, even those Australians that consider themselves to be high-income earners have admitted to coping from one pay to the next.
Half of all working Australians cannot afford to contribute to their superannuation to help fund their retirement.
Behind the doors of many ordinary Australians it has come to this.The new Australian reality
No, you are not alone.
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