A new survey has found that half of Australians are switching to cheaper brands, turning off electrical appliances and lights or making fewer car trips to save petrol amid rising living costs
Treasurer Jim Chalmers has rejected suggestions the federal government has been delivered an economic “shit sandwich” as signs appear that growing inflation is forcing consumers to cut spending on necessities and occasional treats.
“The commentators, and the cartoonists, in particular, I’ve noticed, have taken to describing this economic situation that we’re dealing with now – if you’ll pardon the language – as a bit of a shit sandwich,” he told staff in Canberra on Thursday afternoon.“But I don’t really see the situation that we have inherited, and that we will work with you on, I don’t really see it the same way that the commentators and the cartoonists see it.
A NAB survey of more than 2000 people found one in two are switching to cheaper brands, turning off electrical appliances and lights or making fewer car trips to save petrol.More than 40 per cent said they had cancelled or reduced spending on food delivery and entertainment, coffees, snacks and lunches. People are also cutting expenditure on magazines, audiobooks, apps and gym memberships., with Westpac on Thursday saying the RBA is now likely to take the cash rate to 2.
“We accept that our forecasts for the cash rate assume a successful navigation of a very narrow path towards a soft landing,” he said. An Australian Bureau of Statistics survey released on Thursday found half of all large and medium-sized businesses said they expected to increase wages and salaries over the next three months. Just 29 per cent of small operations are planning a pay increase for staff.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consumers penny pinch on snacks as Treasurer talks up economyConsumers say they are turning off appliances and cutting down on treats to deal with inflationary pressures, but the Treasurer remains upbeat.
Read more »
Chalmers optimistic, despite economic ‘s--- sandwich’Treasurer Jim Chalmers has described the economic situation inherited by Labor as “a s--- sandwich” during a rev-up address to his department on Thursday.
Read more »
Biden names first Native American as US treasurer, with signature on moneyMarilynn Malerba, lifetime chief of Mohegan Indian Tribe, will make history as treasury announces new office for tribal affairs
Read more »
Kean’s budget bid to make the 11-year-old Coalition look brand newTreasurer Matt Kean and Premier Dominic Perrottet need to convince voters that they are a new government. With that needs to come new ideas.
Read more »
NSW defends cash splash while other states repair financesNSW Treasurer Matt Kean has shrugged off criticism of a big-spending NSW Budget arguing that now is the time to leverage the state’s strong financial position
Read more »