Cost of living Qld: Suicide rates rising with interest rates

Shocking new data shows suicide rates are rising with interest rates and inflation among Queenslanders, with figures showing they’re more at risk than most other Australians. But it’s not just those on low incomes feeling the worst of it.

Middle-income Australians are experiencing the highest levels of distress amid rising cost-of-living pressures, with shock new data revealing almost 30 per cent of those from households earning $100k-$149k per year reporting they have experienced suicidal behaviour in the past 12 months.

Mortgage stress is likely to be playing a part for some in the higher earnings cohort, which is reporting higher levels of distress than those living in households earning less than $50k per year at 19 per cent.

Suicide Prevention Australia reports that suicide rates are rising with interest rates and inflation.

Chief executive of the organisation Nieves Murray said the findings raised questions about whether the Federal Budget’s promised cost-of-living relief measures would help those who had already reached crisis point.

Distress over money was ranked as the top reason for elevated worry and suicide risk.

Three in four Australians say they have experienced elevated distress due to social and economic circumstances, which remains consistent from February.

“While suicide is complex behaviour, often with no single cause, we do know that the financial distress arising from these economic conditions can potentially increase the risk of suicide,” Ms Murray said.

“Australians continue to tell us they are struggling at unacceptable levels, particularly with the pressure of cost-of-living and personal debt. Unfortunately, the federal budget again overlooked people in crisis across the nation by not investing adequately in frontline suicide prevention services at a time when people are increasingly using them.”

More than 1000 people were surveyed in the tracker in May.

Younger Australians aged 18 to 34 are more likely than those over 50 to say they have experienced elevated distress (beyond normal levels) due to various circumstances, compared with this time last year (80 per cent compared to 68 per cent).

Ms Murray said rising rates of suicidal behaviour aligns with research on natural disasters and other crises that show suicide rates can peak two to three years after an event.

“We’re still feeling the effects of the pandemic and now we’re in a cost-of-living crisis,” said Ms Murray.

In December, Suicide Prevention Australia data showed housing was the fastest-growing suicide stressor, with Queenslanders more at risk than most other Australians.

Nationally, those numbers revealed 21 per cent of Australians earning $100,000-$149,000 per year were affected by housing stress.