Cost-of-living pressures have emerged as the leading concern for households as Australians become increasingly pessimistic about the path the country is taking, a major survey has revealed.
Identifying a distinct negative shift in the national mood, the survey shows a strong majority of Australians, 61 per cent, believe the country is heading in the wrong direction, up from 51 per cent in April, as a result of soaring cost-of-living pressures.
The latest SEC Newgate Mood of the Nation report highlighted a rise in despair about the economy, with 55 per cent of Australians believing it will deteriorate over the next year and 61 per cent over the next three months.
“Our latest Mood of the Nation research shows a rapidly deepening cost-of-living crisis with 61 per cent of Australians believing the country is now heading in the wrong direction,” he said.
“Cost of living is really starting to bite hard in the community and people are deeply pessimistic about the economic outlook for the next 12 months.
“The results highlight the political challenges ahead for governments across the nation in managing voter expectations.”
The nation’s mood is also souring, with 59 per cent of Australians selecting negative emotions to characterise their state of mind such as “stressed”, “anxious” and “exhausted”.
An overwhelming 90 per cent of Australians surveyed said their biggest cost-of-living concern was groceries, followed by electricity.
“Australians are particularly worried about the rise in grocery and electricity prices,” Mr Stolper said. “Nearly half of Australians (46 per cent) are now experiencing financial difficulties, up 7 per cent in the last two months.”
Less than a third of Australians believe it is a good time to buy a house (32 per cent), buy an investment property (27 per cent), or rent a home (20 per cent), with people in Melbourne the most despondent about the rental market.
