Australians are lifting their spending on essentials, such as insurance and medical costs, as cost-of-living pressures continue to bite.
Travel and entertainment spending is on the up, according to the latest CommBank iQ Cost of Living Insights Report.
CommBank iQ Head of Innovation and Analytics Wade Tubman told Sky News Australia that regional Australia are handling the cost-of-living “better” than metropolitan areas.
“The areas where we’re seeing consumers having to change their spending patterns most is in the metro areas,” he said.
“In particular NSW and Victoria metro, which is our two largest cities where consumers are really changing their spending habits most in response.”
