More Queenslanders worried about finances as cost of living continues to rise

An increasing number of Queenslanders are worried about their finances as the cost of fuel, rent and groceries continues to rise.

An increasing number of Queenslanders are worried about cost of living hikes, while 10 per cent have admitted to having “no confidence” in their financial situation, according to data from RACQ.

Research found more than two thirds of Queenslanders are concerned about the rise in everyday living. This is up from 50 per cent of Queenslanders in October last year.

Meanwhile, more than 40 per cent said they had no savings, while 30 per cent described their financial situation as “getting by”.

While the findings were concerning, RACQ group executive bank Michelle Winzer said she wasn’t surprised that more people were feeling cost pressures.

“The cost of household essentials, food, fuel and electricity have increased significantly in

recent months,” Ms Winzer said.

“As a result, we’re experiencing high inflation and rising interest rates leading to an increase in mortgage repayments and rents.

“Unfortunately, these are challenges we’re likely to face for some time, along with the pandemic and a severe flu season which is causing additional hardship for many families across Queensland.”

It comes as everyday costs have risen substantially over the past six to twelve months following a range of setbacks including the pandemic, severe weather events and the war in Ukraine.

Since December last year, RACQ recorded a fuel cost increase of 46c per litre with the average monthly cost for ULP in Brisbane sitting at 159.5cpl before shooting to a record high average of 205.9cpl last month.

While the average cost dropped to 194.5cpl in July, it’s expected to rise by at least another 25c at the end of September when the state’s fuel excise cut comes to an end.

Meanwhile, rent in Brisbane City has increased by 27 per cent over the past four years for a three-bedroom house, costing a median of $425 per week in June 2018 and $550 today, according to RTA data.

On the Gold Coast, rent hikes are even worse with a 40 per cent spike over four years for a three-bedroom house.

In 2018, a three-bedroom house in the region would cost $500 on average for a week, while today it costs $700.

As for groceries, the Australian Bureau of Statistics recorded a nationwide annual increase of 7.3 per cent in the cost of fruit and vegetables due to severe weather impacting key farms in Queensland and New South Wales.

Meanwhile, non-durable household products have increased by 10.7 per cent in 12 months and the cost of meat and seafood has increased by 6.3 per cent.

But a Woolworths spokeswoman said every week the supermarket has about 5000 different items on special.

“We will continue to sensitively manage industry-wide inflationary pressures in partnership with our suppliers,” she said.

Originally published as More Queenslanders worried about finances as cost of living continues to rise