- The Finder Cost of Living Pressure Gauge has been updated with new data covering the month of July 2024.
- The cost of living pressure in July 2024 is measured at 80%, higher compared to last month’s 78%.
- For more detailed information on how we constructed this see the methodology section below.
The Cost of Living Pressure Gauge, devised by Finder, measures the financial burden on Australian households.
It integrates findings from Finder’s Consumer Sentiment Tracker with official government data, providing a clear depiction of the economic challenges faced by consumers. Updated monthly, the model combines monthly and quarterly data on various aspects such as housing stress,
salary projections, household debt, financial strain, savings, holiday intentions, credit card expenditure, the RBA cash rate target, property values and inflation. Presently, the Cost of Living Pressure Gauge stands in the extreme range, at 80%.
- Two-thirds (66%) of mortgage holders continue to cite mortgage stress as a major financial concern, with no change from last month.
- Homeowners facing difficulties with mortgage payments have jumped to 41%, up from 34% last month. Meanwhile, 49% of renters are still struggling to pay their rent, the same as last month.
- On average, Australians have $35,639 in cash savings, up from last month’s $34,302.
- 78% of Australians feel extremely or somewhat stressed about their finances.
- The RBA’s cash rate target of 4.35% is its highest since 2011.
- As of June 2024, annual inflation is at 3.8%.
- In June 2024, Australian credit card spending was $36.5 billion.
- 44.2% of the total credit card balances were accumulating interest.
- One in four (25%) Aussies are saying they can’t handle their finances without a credit card.
