Data shows young Australians cut spending as cost-of-living crisis continues

Head of innovation and analytics at CommBank iQ Wade Tubman discusses the ongoing cost of living crisis and its impact on Australian consumers, based on insights from the CommBank iQ Cost of Living Insights Report.

“Consumers across all walks of life are having to change their spending habits in result. We're starting to see people having to budget in some areas to make money free in others,” Mr Tubman told Sky News Business Editor Ross Greenwood.

“What we see is consumers aren't keeping pace with the rise in inflation … for example, certain groups under 20 in particular, are reducing the number of dollars they're spending full stop.

“Between 29 and 39 and 39 and 49, they are increasing their spending but they're not keeping pace with inflation. What that means is they're having to make cutbacks in some areas.

“There's only one group that are actually able to spend more than the cost of goods going up and that's the over 60s. They're able to keep pace with inflation on average and able to spend on both essential things.”

[tasmangirl]

I left Australia in 2018, i now live in France, i owned a 4 acres of land and a stone house, 3 bedrooms, 2 bathrooms in Dordogne . I could have never achieved this in OZ.Everything is cheaper here .
I am dual citizen French / australian.
I was struggling so much downunder …..
Feel sorry for aussies ….

[RenzoFlower]

Cut spending!? Please, more like can't spend! With what money? After rent, food and other miscellaneous essentials, not much left. Cost of living slavery... working to pay bills...hmmm WHO benefits? 🤔 Follow the money because it's not with the majority, it's being syphoned by specific wealthier groups.

[BKWilliamsJnr]

Data showed that did it? Just walk around and see people drowning in depression, Dont need data to tell you whats up

[LuciferBlack-jk]

Young Australians are pissed that greedy property investors are the reason they can't afford to own a home...🤬

[themoviehobbit]

Well look at how much a house costs !! Look at how much they want for us to save for a deposit !!

[David-yic]

Easy fix for cost of living...., defund and close down all unessential B's government departments like abc etc. Tax less Australian wages. Implement D.OG.E

[testicool]

Young Australians vote left, get what you deserve

[SoniaH-mg]

Should improve over the next ten years once the number of over 65’s start decreasing and we can get rid of the tax dodging big corporations.

[whiskeygamer]

Young Australians voted their Futures down the drain ever since they voted for Labor 😂

[peterburke]

I already told you mate ...multiple times. Inflation is a 14 year cycle wonce the cat is out of the bag.its 4 years before Inflation heads in the other direction. What is upsetting is that your keeping people on a string and there holding on when they should be selling before realestate goes belly up .

[Kokoda]

The cost-of-living crisis is due to massive house prices and smaller wages over the last 60 years due to consecutive failures by both parties. Inflation has risen x15 which means the mean wage should be $190, 000 p.a. from the 1960s' average wage of $12, 600 p.a. but the average wage today sits at about $85, 000 p.a.
Housing has risen far more than inflation, so tell me, why should I vote for Liberals or Labor? Both have had terrible outcomes over the last 60 years, make it make sense to me

[MrGoodkat]

We don’t have a cost of living crisis we have a taxation crisis. Highest taxing government in 26 years . This allows the current government to recklessly spend which is making all of us equally poor . No economic plan thanks to a Labor socialist government. Australians are not keeping enough of the money they have earned to pay for essentials . Personal income tax, fuel tax 44 cents a litre, GST, Land taxes, Stamp duty, Capital gains, etc etc then there is private health cover, road tolls, insurances and registrations all forms of taxes one way or another.

[claire]

Labour Government and public sector should cut their spending stop increasing the taxes . They can’t expect Private sector and Australian people to cut their spending while they keep gorging them with taxes it’s leading to poverty and homelessness like America and Europe.

[Bros-OVO]

Its almost like all media and agencies dont read or respond to reports until their they have no choice but to do or it benifits them financially 😂😂😂😂

[madeinaustralia]

All talk no honesty Ross.hahaha Banker boy

[minli]

Go to farms and factories to make what you want

[reubenfardell]

Money - Unless you win or inherit millions your stuffed !!!

[wilbur]

DUN'T MAYKE MAYE CALL DAVAYE ALUTTA PROUD HAYE'S NAULT ALUTTA PROUD ANYMOEWAE 😏🤨

[sensaznal]

It's fine as long as people have jobs.

[YaoAnne-jg]

I already own shares of NVDA and PLTR. I'll also add TSLA to my portfolio. But I'd like suggestions on long-term opportunities to explore that could make solid additions to my $400k portfolio for stable cashflow