Rising cost of everything fuels voter anger
THE cost of living is squeezing too many Australians and governments will feel voters’ anger unless they act quickly, writes Katie Bice.
Opinion
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THE cost of living is starting to bite and really it doesn’t matter who you are. When the heater is turned on it feels like we are burning cash. We think twice about buying steak over mince and when the car registration, insurance and water bills come in at the same time our hearts sink.
The rising cost of everything wouldn’t be such an issue if most people weren’t already stretched by big mortgages but haven’t had a rise in pay in years.
Research out this week showed Australians were working harder for longer but not earning more. After growing strongly up to 2009, our wages increased only slightly to 2012, and have been declining slightly ever since.
Victorians are feeling the pinch more than people in any other state, cutting back on fresh food and spending more time seeking a bargain.
The findings won’t shock many of us. The good times are over and it’s leading to overwhelming pessimism. We now know we will spend most, if not all, of our lives in mortgage debt, we’ll have to work well into our 60s and keep paying out more for everything but getting little back in return.
The idea of financial freedom is an unrealistic dream for many. It’s depressing and perhaps goes some way to explaining why we have a less-than-enthusiastic workforce nowadays.
The feeling of hopelessness isn’t helped by the fact that short of sitting on the couch wrapped in a snuggie or doing everything by candlelight, there doesn’t feel like there is much we can do about it.
We need to heat our homes, feed, clothe and house our families and drive our cars. Most worryingly, all this is happening at a time when interest rates are at record lows. So as bad as it is, the fear is how those who are in dire financial straits now will cope when rates inevitably rise.
Usually I have little sympathy for people who borrow beyond their means but the cost-of-living rises we are experiencing are out of our control. We have a small window of opportunity now to try to arrest the slide before it gets worse. If pensioners really are shivering through winter because they’re afraid of a big gas bill, it’s terrible, but will turn potentially life-threatening in summer if they won’t turn on the airconditioners.
It’s a long way out from the next Budget but there must be relief for low-income earners and those in Middle Australia feeling crunched.
Katie Bice is Sunday Herald Sun deputy editor
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