Satisfaction with life among Australians is lower now than during the depths of the pandemic as financial pressures and housing costs squeeze people in their 20s, 30s and 40s, with Anthony Albanese admitting the cost of living is contributing to the splintering of the nation’s politics.
Research made public this morning by consultancy KPMG shows life satisfaction – a measure that tracks whether a person is content with their circumstances – is now substantially lower than it was in the mid-2010s across all age groups, while it has nose-dived among people facing the biggest financial hit.
Large proportions of people would struggle to find $2000 in an emergency, a key measure of financial stress, while household wealth levels have stalled since the start of the decade.
KPMG urban economist Terry Rawnsley said unlike during the pandemic, when many Australians had their income levels boosted by government schemes such as JobKeeper and ultra-low interest rates, people today were under sustained financial pressure.
“These factors have left many average Australians in a precarious financial position for the better part of five years and is undoubtedly affecting how they feel about their lives,” he said.
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