As Australians nervously wait for today's interest rate decision, experts are concerned the impact on the community's mental health will increase in the next year as the cost of living pressures bear down. 9News
Suicide Prevention Australia's latest quarterly data has shown 46 per cent of Australians have reported an elevated distress level from cost of living pressures.Experts are concerned further interest rate rises will drive more Australians to suicide.
The data also revealed Australians' distress around housing affordability increased from 21 to 23 per cent.The distress levels are so high that experts forecast rates of suicide could increase in the next 12 months due to cost of living and personal debt, lack of housing access and affordability, and unemployment and job security.
The data has sparked Suicide Prevention Australia CEO Nieves Murray to call on the Reserve Bank of Australia to put on the brakes with interest rate rises.It comes as the central bank is set to hike the cash rate for the tenth consecutive time today in a battle to bring inflation back to target.inflation slowed in the year to January 2023 to 7.4 per cent.
Murray has called on the federal government to act in the May budget to address rising rate pressures coinciding with a rise in suicides.
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