Posted 11/22/2023, 7:00:00 PM
Inflation Squeeze: High-Income Aussie Families Cut Spending on Pubs, Vacations and Non-Essentials as Mortgages Surge
- High-income Australian families earning $150,000+ are cutting back on spending due to surging inflation and interest rates
- 34% are avoiding bars/pubs, 25% are cutting back on vacations, 40% are spending less on non-essentials
- Mortgage payments have nearly doubled for some high-income households compared to April 2022
- Financial stress levels are at the highest point since February 2020 across income groups
- The crisis has spread from lower-income families to aspirational earners struggling to make ends meet