Food on table and keeping lights on of more interest to Aussies than rates

The NSW government has launched a ‘cost of living’ hub as new research shows Aussies are more stressed about putting food on the table and keeping the lights on than interest rates.

Interest rate rises have Aussies tightening their belts — but new research shows we are more stressed about putting food on the table and keeping the lights on.

It comes as the state government has launched a “cost of living” hub, with tips on budgeting, links to government rebates and grants, money saving calculators and vouchers.

A survey of more than 5000 people by Transurban found 60 per cent said groceries as their biggest worry.

It was followed by electricity bills at 59 per cent and petrol at 49 per cent.

Last year that had been in the top spot at 60 per cent.

Aussies are now more stressed about putting food on the table and keeping the lights on than interest rates. Picture: iStock

Mortgage repayment stress jumped from 24 per cent last year to 32 per cent this year.

As cost of living stress is through the roof, the new hub will bring together more than 80 government and non-government tools and services in a bid to make it easier for families to create a budget.

NSW Customer Service Minister Jihad Dib. Picture: NCA NewsWire/David Swift

The resources are split into categories including food and groceries, housing, energy and utilities, managing money, health, families, and care and transport.

“The cost of living hub helps people connect to important services and support, giving them access to what they need when they need it the most. It is important the community knows what help is available to them,” Customer Service Minister Jihad Dib said.

“This site looks at key areas where the community are feeling pressure and will provide cost-cutting advice on everything from fruit and vegetables to managing home-related expenses and keeping energy costs down.”

Makeup artist Juliana Bishop and her family are hoping to make use of the new hub.

The family made the difficult decision to move back in with Juliana’s parents to save money for a house deposit, as rising cost of rents, childcare costs and bills made it impossible to save.

Juliana, her husband and her two daughters, aged four and three, are now able to share bills with Juliana’s parents.

Juliana and Aaron Bishop with their kids, Ellie, 4, and Maddie, 3. They have moved in with Juliana’s parents to save money for a house. Picture: Tim Hunter

Even then, the budget is still tight.

“If we were still renting we wouldn’t be able to save. I moved about a year ago and where we used to rent has now gone up almost $200,” she said.

The NSW Council of Social Service’s annual cost of living research found 62 per cent of people had either gone without essentials or could not afford essentials in the past year.

It also found 64 per cent of people have no money set aside for emergencies and 41 per cent had used buy now-pay later services to pay for ­essentials.

Got a story? Email [e-mail]