Australians are increasingly depleting their savings in an effort to cope with financial pressures, as expectations for cost-of-living relief in the upcoming federal budget diminish.
Federal government officials have indicated a shift in focus towards controlling expenditure.
According to new data from the comparison platform Finder, 54% of Australians have tapped into their savings over the past year.
This translates to a staggering $85 billion in savings being utilized nationwide, all while tensions in the Middle East persist.
“It highlights the significant strain many individuals are experiencing,” remarked Taylor Blackburn from Finder.
“I believe it would benefit everyone to tighten their belts and save whenever possible,” he added.
With households tightening their belts, attention is turning to the federal budget in May.
Treasurer Jim Chalmers today said there would be spending cuts and likely reforms on tax, housing, and superannuation.
Former Nationals Leader David Littleproud said Australian families were cutting back.
“They are making these tough decisions at the kitchen table and the government has to do the same,” he said.
Assistant Foreign and Immigration Minister Matt Thistlethwaite said the focus would be “stabilising inflation and boosting productivity”.
Prime Minister Anthony Albanese’s focus was on Easter today, saying it is “a time of reflection and a time of joy”.
