Cost of Living Pressure Overtakes Covid as Australians’ Top Concern: Report

CANBERRA:
The rising cost of living has overtaken Covid-19 as the top source of concern among Australians, a new survey revealed on Monday.

The survey, which was published by the national mental health organization Beyond Blue to coincide with World Mental Health Day, revealed rising interest rates, growing inflation, and worries about the cost of living were the main causes of stress and anxiety to the Australian people, reports Xinhua news agency.

It found that Australians were operating at a lower level on average than prior to the pandemic and that adults were being weighed down by work challenges and cost of living rises.

Compared to the same period in 2021, fewer people are using Beyond Blue services to seek advice on the impact of the pandemic, and more are discussing family and relationship stress and anxiety.

Forty-eight per cent of the 1,500 participants in the national survey said they feel lost when it comes to their mental health and 46 per cent said they did not believe their problems warranted seeking support.

“Although we are moving away from Covid-19 as being a major source of worry, people are telling us they’re still adjusting,” Georgie Harman, chief executive of Beyond Blue, said in a media release.

“Survey respondents say a lack of social connection, isolation, negative self-worth are lingering feelings, and that things aren’t quite back to normal just yet.”

Australia has recorded its highest rate of inflation in more than 20 years, with consumers paying more for everything.

According to data released by the Australian Bureau of Statistics (ABS) in July, the Consumer Price Index rose by 1.8 per cent in the June quarter and 6.1 per cent over the last 12 months.

Earlier this month, the Reserve Bank of Australia announced a rate hike for the sixth consecutive month, lifting its cash rate target by 25 basis points to 2.6 per cent.