The rising cost of living has forced Australians like Zofia to make difficult decisions in their lives, but many have also found practical ways to save.
While Professor Walsh said it was too early to understand how the current cost of living crisis was exacerbating these trends, he was certain about one thing.
"If you're from a first- or second-generation migrant background, you're more likely to experience racism and exclusion, and that flows on into employment," he said.Mira Sulistiyanto, 25, in Adelaide is tossing up whether she should take a financial risk and return to university for post-graduate study next year to upskill.
Ms Sulistiyanto said she had tried to reign in spending on "luxuries" like catching Uber rides, eating out and cutting out takeaway orders. "[If we're] no better off compared to where we came from, it raises that migration question," Mr Ganesun said.Vinu, Akila and their two children will decide where is best for them to live if costs keep rising.
With his wife driving more than 110km each day to work in early childhood education, and the family eating a plant-based diet, Mr Ganesun said fuel and grocery costs had risen steeply. "The cost of living just eats into the savings, and that has a longer-term impact on our financial goals."Laura Higgins, from ASIC's MoneySmart — which provides free tools and services to help people make financial decisions — said there were a number of things people could try if they wanted to improve their financial situation."Understanding all of your financial commitments, being really honest about that, and understanding where your money's going," she said.
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