Money too tight to mention for many

Money too tight to mention for many

On its knees just a year ago, Australia's economy has roared back to life with the promise of growth, jobs and higher wages. On paper, it's enough to inspire a national sigh of relief.

But not all that glitters is gold.

For an alarming number of householders, making ends meet again won't happen quickly.

The dream of home ownership remains elusive, savings have taken a nasty hit, winter power bills are biting and petrol – now that most are out of lockdown – is again a noticeable expense.

The pain is being felt by small business owners too, especially in the absence of support from the JobKeeper wage subsidy that ended in March.

Analysis by CreditorWatch has found business external administrations rose 24 per cent over the past three months and defaults increased by nine per cent.

“We've been saying for some time we won't be able to get a true picture of the economic health of the nation until federal government stimulus measures, such as JobKeeper, have ended and their impact has stopped artificially propping up some businesses,” according to CreditorWatch CEO Patrick Coghlan.

“Early signs … suggest there will be a shake-out of poorly-performing businesses over the coming two quarters.”

With an extra three per cent increase in May, according to the latest CoreLogic data, Sydney home prices have skyrocketed 9.3 per cent for the quarter and beyond reach for a whole new tier of buyers.

Brisbane registered a two per cent jump for the month, Melbourne 1.8 per cent, Adelaide 1.9, Perth 1.1 and Hobart a whopping 3.2 per cent.

Many consigned to the rental market are finding the going steep too.

Last month's Anglicare Rental Affordability Snapshot found just 1.16 per cent (859) of 74,000 private nationwide listings within the means of a minimum wage earner.

Fewer still were affordable for those on aged (386) and disability (236) pensions while only three met the budget of someone on JobSeeker.

For those who can manage to stump up the rent, it may be to the detriment of their nest eggs.

Comparison site Finder's latest Consumer Sentiment Tracker shows Australians on average had $29,369 in savings in May 2021, down from $36,416 in April.

Finder's RBA Cash Rate Survey shows 27 of 40 experts agree that consumer saving will continue to decrease further throughout the next quarter, as consumer spending returns to normal.

Its poll of 1000 householders in May found 85 per cent of them will take specific action to save money on energy costs this winter.

Switching off lights (56 per cent), wearing extra clothes (49 per cent), shutting off off unused appliances (48 per cent) and only heating rooms in use (40 per cent) were the four most popular tactics.

Petrol stress is also on the rise.

In June, the percentage of motorists saying fuel costs were among the most stressful expenses hit 14 per cent, the highest level since pre-pandemic March 2020.

Separate research by Compare Club suggests 80 per cent of Australians are cutting back on spending to cover bills. Half are likely to avoid going out for dinner, while 35 per cent are putting off paying debts or saving.

News Related

OTHER NEWS

Sydney facing four week lockdown extension

Sydney's lockdown is expected to be extended four weeks as authorities adjust measures for construction and other sectors. Premier Gladys Berejiklian and her crisis cabinet met on Tuesday evening to ... Read more »

Owner shut for COVID breach 'no vigilante'

The owner of a Sydney organic food store shut down for repeated breaches of coronavirus restrictions says he's not a “vigilante” or trying to push buttons. Pete Melov's shop cannot ... Read more »

New research predicts risk of Alzheimer's

Australians living with mild cognitive impairment could know five years in advance whether they are at high risk of developing Alzheimer's disease, according to new research. Researchers from the Australian ... Read more »

Two dead in German chemical site blast

An explosion in a German industrial park has killed at least two people and injured 31 others, setting off a fierce blaze that sent a pall of smoke over the ... Read more »

Court to map path for ex-soldier's case

Parties involved in Ben Roberts-Smith's high-profile defamation case are expected to learn on Wednesday in what form the Federal Court trial will progress amid Sydney's worsening COVID-19 outbreak. Despite Sydney's ... Read more »

Former Crown director faces WA inquiry

Having already been dragged over the coals in Victoria, Crown faces further interrogation from a West Australian royal commission. Former non-executive director and prominent Perth businessman John Poynton will be ... Read more »

Business to rebuild after SA lockdown

South Australia has emerged from its COVID-19 lockdown with the state's peak business group saying it's time for traders to “rebuild once again”. The state's week-long shutdown ended at one ... Read more »

Demand of 23 years against ‘Balie-Syrian' Aziz A.

The Public Prosecution Service demands a 23-year prison sentence against Aziz A., also known as the ‘Bar Syrian’. The 35-year-old A. is, among other things, suspected of having been part ... Read more »

US man pleads guilty to four spa murders

Robert Aaron Long, the man charged in the shooting deaths of eight people in Atlanta-area spas in March, has pleaded guilty to murdering four of the victims. Dressed in a ... Read more »

Vaccines dividing economic recovery: IMF

The global economic recovery risks splitting in two blocs – countries that have high levels of vaccinations and those that do not, the International Monetary Fund has warned. The IMF ... Read more »

De Bijenkorf store chain for sale for 4.7 billion euros | Economy

Department store chain De Bijenkorf is for sale. This is reported by the British newspaper The Guardian. According to the newspaper, the Canadian-British owners have put the retail venture up ... Read more »

Hobart cable car plan rejected by council

A controversial plan to build a cable car on the rugged mountain above Hobart has been rejected by the city's council. The Mount Wellington Cableway Company (MWCC) proposal included a ... Read more »

How do we ensure more attention for primary school teachers?

Primary school teachers don’t have it easy. They have also been hit hard by this corona crisis. Where teachers normally already had their hands full with work, a task has ... Read more »

The benefits of training employees

Internal training courses and room for growth and development have become a very important aspect for many employees. When applying for a job, people are often asked what the possibilities ... Read more »

Summer school for successful VMBO students who go to MBO

From 16 to 20 August, successful VMBO students who go to MBO in Amsterdam can attend a summer school. During that week, the so-called OZOSchool (Transfer ZOmer School) can be ... Read more »

Windesheim University chooses Munckhof as a travel partner

Munckhof recently won the assignment ‘study-oriented group trips’ in the tender for Windesheim University of Applied Sciences, located in Zwolle and Almere. The assignment means that Munckhof will fully organize ... Read more »

Universities want to be completely open anyway

Universities see only one opening scenario after the holidays: a full opening, without education at a distance of one and a half meters. They also see nothing in the mandatory ... Read more »

The importance of mental well-being among young people and students

What do students encounter? Recent studies indicate that students have to deal with anxiety, depression, performance pressure and additional problems on a large scale. A bleak picture and important to ... Read more »

Smoke-free zones have an effect, but often not on young people

The 203 smoke-free zones in Amsterdam appear to have an effect if smokers are also addressed about their behaviour, but young people prefer not to listen. Despite the clear sign ... Read more »

KPN revenue growth for the first time in ‘I don't know how long'

KPN’s turnover grew by 0.2 percent in the past quarter. And that is special, because for years less money came in to the telecom company. How long it has been ... Read more »

‘Be where you want to be before you die. Kees made that possible'

Under Veldboer, the Ambulance Wish Foundation grew into an organization with a few permanent employees, about 270 medically trained volunteers, departments throughout the country and several of its own wish ... Read more »

‘Invest in good, healthy school buildings'

Five parties in education and construction are asking the government to invest in good school buildings. Good school buildings are necessary to be able to offer good education, say the ... Read more »

Education and public transport will make local and regional agreements from August

Transporters and educational institutions will make agreements at local and regional level from August about the distribution of students in public transport (OV). This puts an end to the national ... Read more »

Extended day programming Rotterdam expands to vo

Making street art, kickboxing or producing beats on an iPad. From September, children from eight secondary schools in South Rotterdam can make use of the so-called extended day programming: extra ... Read more »

Qld virus cases face thousands in fines

A pair of positive virus cases that caused an outbreak scare in Queensland face a combined total of more than $13,000 in fines for breaking public health directions. The fines ... Read more »

Crown pays back $61m in Vic gaming taxes

Crown has paid back $61 million in gaming taxes it owes the Victorian government in the wake of a punishing royal commission. The inquiry into whether Crown can retain a ... Read more »

Jailed repeat offender 'may learn': judge

A disadvantaged repeat offender who grew up in juvenile detention before spending most of his adult life in jail is back behind bars for a string of crimes. Joshua Crawley, ... Read more »

Disaster-proofing grants not yet available

Homeowners won't be able to apply for promised grants to help disaster-proof their homes for months, with Labor querying how the funds will be distributed. A newly established national disaster ... Read more »

New research into the influence of corona on young people with disabilities

Young people with disabilities experience corona as an extra disability, according to research by Youngworks, commissioned by the Association of Disabled Persons in the Netherlands (VGN), Elke(in) and youngPIT. For ... Read more »

Bail for alleged prison murder accomplice

A man accused of hiding a fellow prisoner who allegedly stabbed an inmate to death at a Sydney jail has been granted bail. Luke Anthony Welford has pleaded not guilty ... Read more »

Wild weather to hit post-lockdown Victoria

Wild winds, severe storms and blizzard conditions will lash Victoria as a cold front crosses the state on the first day out of lockdown. The Bureau of Meteorology has issued ... Read more »

NT court to consider police immunity law

The Northern Territory's top court will consider whether police officers are immune from criminal prosecution if performing their lawful duty. The scrutiny relates to the long-awaited trial for a policeman ... Read more »

Dozens of wildfires scorch US West

It could be days before officials will be able to assess the damage done to a small town by California's largest wildfire, one of dozens of blazes scorching lands across ... Read more »

Extortion-accused bikie boss denied bail

A male model turned bikie boss has been refused bail while he fights allegations he tried to extort a pawn broker in Sydney's northwest. Lawyers for Eamon Mulgrew, 25, in ... Read more »

Starpharma says nasal spray can stop Delta

A nasal spray being used to prevent COVID-19 is more than 99 per cent effective against the Delta variant sweeping the world, its maker claims. Melbourne-based biopharmaceutical group Starpharma on ... Read more »

All NSW adults can book AZ jab from Friday

Five weeks into Sydney's lockdown, NSW is opening its vaccination hubs to younger adults wanting AstraZeneca jabs. All adults will be able to book a vaccine at a state-run hub ... Read more »

Qld coroner probes fatal platform plunge

Almost six years since a Brisbane father-of-three plummeted 60 metres to his death when an elevated work platform collapsed, an inquest aims to prevent it ever happening again. Professional photographer ... Read more »

Britney Spears' lawyer files to oust her father James Spears

Pop star Britney Spears’ new lawyer has petitioned to remove her father from the conservatorship that has controlled her life and money for 13 years and replace him with a ... Read more »

Amateur plane 'broke up' during Qld flight

An amateur-built aircraft “broke up” while flying above the Queensland outback, killing the pilot and leaving debris strewn 1.5 kilometres across the ground, initial investigations show. The plane's sole occupant ... Read more »

BHP, Rio shares hit heights, ASX record

Shares have hit an all-time high for a second consecutive day and the big miners broke records of their own on the Australian market. The ASX200 took only 23 minutes ... Read more »