Cost of living, housing crisis drive up suicide rates

Cost of living and housing unaffordability have been listed at top suicide risks for Queenslanders during 2023, an alarming survey conducted by Suicide Prevention Australia has found.

Cost of living pressures and unaffordable housing has become so severe, its driving up suicide rates.

An alarming survey conducted by Suicide Prevention Australia found almost half of Queenslanders had reported elevated distress since November, with more than a fifth contacting a suicide prevention service during the last 12 months.

Survey data revealed that Queenslanders had listed cost of living and personal debt (69 per cent) and housing access and affordability (57 per cent) as the top two risks to suicide in 2023.

It comes as the Australian Bureau of Statistics (ABS) released its quarterly finance report this week, which showed national household wealth had dropped for a third consecutive quarter, with average wealth falling more than $4,700 per person.

But University of Southern Queensland finance professor Tapan Sarker said the unsettling national data reflected a “new normal” following unprecedented levels of investment and cash injection during the pandemic.

Queensland residents have expressed strong concerns over their job prospects and security. Pic: Generic/iStock

“It was expected. But when housing wealth decreases, that (consumer) demand in that family or house also declines, and they are spending less, so we may see some rise in unemployment as a result as a result of that,” he said.

While Queensland’s unemployment rate has remained low at 3.5 per cent, residents expressed strong concerns over their job prospects and security.

Since November, Queenslanders reported a 5 per cent increase in job security stress, followed by housing stress which rose by 3 per cent and cost of living stress, 2 per cent.

Suicide Prevention Australia acting chief executive Matthew McLean said Queenslanders said the high stress levels were “deeply concerning” and had a direct impact on rising suicide rates.

“Two thirds of the Queensland population are reporting higher stress levels than a year ago, that's not a small group,” he said.

“People are really struggling, they're doing it tough due to a whole range of stuff, and this data really shows they are struggling... we’re seeing people reach out for help in record numbers.”

Mr McLean said the government had a “small window” to address the rising rates of distress which is expected to further increase over the next 24 months.

“What we've seen in Australia and globally is, when you look at mental health and suicide data in the middle of a crisis, suicide rates seem to be pretty stable,” he said.

“Now, in the aftermath when the various arms of support fade away, people really struggle and the highest risk of suicide are there.

“The next 24 months will be absolutely critical. We need to make sure that help is available.”