More than half of Victorians are experiencing cost-of-living and personal debt distress beyond normal levels.
Victoria has recorded the biggest jump in financial distress of any state over the past 18 months, renewing calls for Premier Jacinta Allan’s first budget to provide fresh cost-of-living relief.
In comparison, 49 per cent of people in NSW and 47 per cent of Queenslanders reported elevated financial distress in the three months to March – increases of 11 and 4 percentage points over 18 months respectively. “The fact that we are seeing cost-of-living distress continuing to escalate despite a softening in inflation and interest rates should be of real concern for our political and corporate leaders,” she said.
Data from the National Debt Helpline backs the debt distress figures. The helpline reported a 20 per cent year-on-year surge in calls from Victoria for the month of January.
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