New data reveals horror number of Aussies in cost of living distress think they’re on their own

A shock number of Australians experiencing cost of living distress believe they’re on their own and government budget measures will do little to help them, leading to fears suicides may rise.

Australians experiencing cost of living distress have no faith in the Albanese government’s ability to reduce their pain through Budget measures, leading to fears suicides rates could further rise.

“We’re seeing suicide rates increase alongside inflation and interest rates,” Suicide Prevention Australia (SPA) chief Nieves Murray said.

“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. We’re deeply concerned about the impact that cost of living is having on Australians.”

New data analysis by SPA, which is the country’s peak suicide prevention body, shows a staggering 80 per cent of Australians experiencing cost of living distress don’t believe federal budget measures will ease cost of living pressures on household budgets in the next year.

Nearly a quarter believe the measures announced will actually make their situations worse.

The prevailing sentiment is also grim among Australians not already experiencing extreme distress, with 78 per cent of people saying the budget measures aimed at reducing cost of living would not make a significant difference and 19 per cent saying they will make things worse.

The national survey was conducted the week after David Chalmers handed down his federal budget.

Most pessimistic about the ability of the measures announced — designed to ease the cost of living burden on Australians — were Victorians experiencing financial distress, with a staggering 98 per cent of people believing they would not help. Next were Queenslanders, with 87 per cent and then New South Wales with 73 per cent.

Ms Murray said the national data revealed “half the Australian population” had been subject to elevated levels of distress because of rising cost of living and personal debt in the last 12 months.

“And it seems unlikely the federal budget alleviated their concerns. Particularly with further increases in interest, inflation and suicide rates announced since,” Ms Murray said.

“It therefore raises serious questions about what policy levers the federal government can now pull to prevent cost of living pressures fuelling further growth in rates of community distress.

“Lifeline recently confirmed that it is receiving 500 more calls each day than during the same period four years ago, and many of these are due to financial stress. Prime Minister Anthony Albanese said reducing suicide rates would be a personal priority of his government at a Suicide Prevention Australia event in September 2022.”

Federal Treasurer Jim Chalmers finishes his speech for the 2023 federal budget, to applause. Picture: Dylan Robinson

Ms Murray said in light of the disturbing data, she wanted to urgently let Australians experiencing cost of living distress know “there is hope and help available right now”.

“Please don’t wait another 12 months for another federal budget to seek help. If you’re struggling to make repayments, reach out to your bank and let them know as soon as possible. The earlier you reach out for help, the more options you’ll have. Lenders have hardship teams that are ready to assist when things are tight,” she said.

“We can never underestimate the impact that every life lost to suicide has on family, friends, workplaces and the broader community.”

Originally published as New data reveals horror number of Aussies in cost of living distress think they’re on their own