23 February 2024 | See disclaimer
In our latest survey, we surveyed 1,013 Australians aged 18 years and over to find out about what Australians think about the cost of living.
We also compared these results to the latest cost of living data (from the ABS) and previous surveys on the cost of living in 2022 and 2023 to better understand trends from the previous years and how the cost of living continues to impact Australians.
Quick Stats
- Half of the respondents think the cost of groceries has significantly increased in the last twelve months.
- More than 40% of Australian respondents feel that renters in their local area paid significantly more rent in the last twelve months.
- For the third year in a row, half of respondents feel that there was no change to their income in the last twelve months.
- Nearly two-thirds of respondents have cut back on lifestyle costs and recreational costs due to the rising cost of living.
The Cost of Living in Australia
In employee households (where the principal source of income is determined by wages and salaries), selected living costs rose 6.9% in the year ending in the December 2023 quarter. This was the highest annual increase in living costs out of all household types. [1]
Food and non-alcoholic beverages were some of the main contributors to annual cost of living increases across all households. Most households were also impacted by alcohol and tobacco consumption. [1]
Mortgage interest charges rose by 40.3% annually to December 2023, impacting employee households the most. The mortgage was also a larger part of their spending than in other households. [1]
For a deeper look into the cost of living in Australia, check out Budget Direct’s Cost of Living Tool to see how Aussies are faring compared to other world cities.
Cost of Living Survey Results^
What is your annual income?
Australia
Gender
| Female | Male | |
|---|---|---|
| <$18,200 | 14.3% | 9.9% |
| $18,200-$45,000 | 27.8% | 22.4% |
| $45,000-$120,000 | 41.9% | 50.5% |
| $120,000-$180,000 | 12.6% | 11.6% |
| >$180,000 | 3.5% | 5.5% |
Age
State
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%.
Nearly 46% of Australian respondents earn between $45,000-$120,000.
More than half of 68-77 year old respondents earn between $18,200-$45,000.
Close to 40% of participants from South Australia earn between $18,200-$45,000, which is nearly double the percentage of New South Wales participants who earn the same amount.
Do you feel the cost of groceries has increased or decreased in the last 12 months?
Australia
| Significant decrease | 1.4% |
|---|---|
| Decrease | 0.7% |
| Slight decrease | 1.4% |
| No change | 4.3% |
| Slight increase | 12.9% |
| Increase | 29.8% |
| Significant increase | 49.5% |
Gender
| Female | Male | |
|---|---|---|
| Significant decrease | 1.9% | 0.9% |
| Decrease | 0.4% | 1.1% |
| Slight decrease | 1.3% | 1.5% |
| No change | 3.2% | 5.7% |
| Slight increase | 10.2% | 16.1% |
| Increase | 26.7% | 33.4% |
| Significant increase | 56.5% | 41.4% |
Age
| 18-27 | 28-37 | 38-47 | 48-57 | 58-67 | 68-77 | |
|---|---|---|---|---|---|---|
| Significant decrease | 1.9% | 0.5% | 2.2% | 1.2% | 1.4% | 0.9% |
| Decrease | 0.0% | 1.6% | 0.6% | 1.2% | 0.0% | 0.0% |
| Slight decrease | 3.1% | 1.6% | 1.1% | 0.6% | 0.7% | 0.9% |
| No change | 10.6% | 6.2% | 4.4% | 2.5% | 2.0% | 0.0% |
| Slight increase | 23.6% | 16.1% | 8.2% | 10.4% | 11.6% | 8.0% |
| Increase | 24.2% | 28.5% | 30.2% | 29.5% | 32.7% | 30.4% |
| Significant increase | 36.7% | 45.6% | 53.3% | 54.6% | 51.7% | 59.8% |
State
| NSW | Vic | Qld | WA | SA | |
|---|---|---|---|---|---|
| Significant decrease | 1.5% | 0.8% | 0.5% | 3.9% | 1.4% |
| Decrease | 0.6% | 1.1% | 0.5% | 1.0% | 0.0% |
| Slight decrease | 0.6% | 2.3% | 0.5% | 1.0% | 2.7% |
| No change | 4.6% | 5.3% | 3.5% | 1.0% | 6.8% |
| Slight increase | 15.6% | 14.3% | 9.5% | 9.6% | 10.8% |
| Increase | 32.6% | 29.4% | 27.4% | 25.0% | 32.4% |
| Significant increase | 44.5% | 46.8% | 58.2% | 58.7% | 46.0% |
Trends Over Time
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%.
There were 1 in 2 Australians surveyed who think the cost of groceries has significantly increased in the last twelve months. This figure has increased year on year since 2022.
Nearly 60% of female respondents think the cost of groceries has increased significantly in the last twelve months.
More than a third of 18-27 year old respondents felt a significant increase in the cost of groceries, compared to 60% of 68-77 year old respondents.
Almost 60% of respondents from Queensland and Western Australia feel there was a significant increase in the cost of groceries, which was higher than respondents from other states.
Do you feel the cost of fuel has increased or decreased in the last 12 months?
Australia
| Significant decrease | 0.6% |
|---|---|
| Decrease | 0.4% |
| Slight decrease | 2.2% |
| No change | 8.0% |
| Slight increase | 18.6% |
| Increase | 36.0% |
| Significant increase | 34.3% |
Gender
| Female | Male | |
|---|---|---|
| Significant decrease | 0.9% | 0.2% |
| Decrease | 0.0% | 0.9% |
| Slight decrease | 2.0% | 2.3% |
| No change | 5.9% | 10.4% |
| Slight increase | 15.7% | 21.8% |
| Increase | 35.9% | 36.2% |
| Significant increase | 39.4% | 28.3% |
Age
| 18-27 | 28-37 | 38-47 | 48-57 | 58-67 | 68-77 | |
|---|---|---|---|---|---|---|
| Significant decrease | 0.0% | 0.5% | 0.6% | 1.2% | 0.7% | 0.9% |
| Decrease | 0.6% | 0.5% | 0.0% | 0.0% | 0.7% | 0.0% |
| Slight decrease | 1.9% | 2.6% | 1.1% | 3.1% | 3.4% | 0.0% |
| No change | 11.8% | 7.3% | 11.0% | 6.8% | 8.8% | 3.6% |
| Slight increase | 24.2% | 22.3% | 12.1% | 19.6% | 17.0% | 12.5% |
| Increase | 32.3% | 36.8% | 41.8% | 34.4% | 29.9% | 38.4% |
| Significant increase | 29.2% | 30.1% | 33.5% | 35.0% | 39.5% | 44.6% |
State
| NSW | Vic | Qld | WA | SA | |
|---|---|---|---|---|---|
| Significant decrease | 0.9% | 0.0% | 0.0% | 1.9% | 1.4% |
| Decrease | 0.0% | 0.8% | 0.5% | 1.0% | 0.0% |
| Slight decrease | 1.5% | 2.6% | 0.5% | 3.9% | 4.1% |
| No change | 7.0% | 11.7% | 5.0% | 8.7% | 8.1% |
| Slight increase | 22.3% | 15.5% | 16.9% | 14.4% | 20.3% |
| Increase | 37.5% | 34.3% | 37.3% | 38.5% | 29.7% |
| Significant increase | 30.8% | 35.1% | 39.8% | 31.7% | 36.5% |
Trends Over Time
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%.
More than a third of Australian respondents feel that the cost of fuel has significantly increased in the last twelve months.
Nearly 40% of female respondents feel that the cost of fuel has significantly increased, compared to nearly 30% of male respondents.
More than 40% of 38-47 year old respondents feel that fuel costs have increased. Meanwhile nearly 45% of 68-77 year olds feel fuel has significantly increased in the last twelve months.
There were 2 in 5 Queensland respondents who feel the cost of fuel has significantly increased in the last twelve months.
From 2022 to 2024, the percentage of respondents who feel the cost of fuel has significantly increased continues to trend downwards. In 2024 this percentage of respondents is half of what it was in 2022.
Do you feel renters in your local area paid more or less than 12 months ago?
Australia
| Significant decrease | 0.7% |
|---|---|
| Decrease | 0.6% |
| Slight decrease | 1.6% |
| No change | 10.1% |
| Slight increase | 13.9% |
| Increase | 31.4% |
| Significant increase | 41.8% |
Gender
| Female | Male | |
|---|---|---|
| Significant decrease | 0.9% | 0.4% |
| Decrease | 0.4% | 0.9% |
| Slight decrease | 1.5% | 1.7% |
| No change | 7.2% | 13.3% |
| Slight increase | 11.3% | 16.9% |
| Increase | 32.2% | 30.4% |
| Significant increase | 46.5% | 36.4% |
Age
| 18-27 | 28-37 | 38-47 | 48-57 | 58-67 | 68-77 | |
|---|---|---|---|---|---|---|
| Significant decrease | 0.6% | 1.6% | 0.6% | 0.0% | 0.7% | 0.9% |
| Decrease | 0.6% | 1.0% | 0.6% | 0.0% | 1.4% | 0.0% |
| Slight decrease | 5.6% | 1.0% | 1.1% | 1.2% | 0.0% | 0.9% |
| No change | 13.0% | 11.4% | 12.1% | 6.8% | 8.2% | 8.9% |
| Slight increase | 17.4% | 16.1% | 11.0% | 11.0% | 14.3% | 9.8% |
| Increase | 29.2% | 30.1% | 29.7% | 33.1% | 32.7% | 33.9% |
| Significant increase | 33.5% | 38.9% | 45.1% | 47.9% | 42.9% | 45.5% |
State
| NSW | Vic | Qld | WA | SA | |
|---|---|---|---|---|---|
| Significant decrease | 0.3% | 0.8% | 1.0% | 1.9% | 0.0% |
| Decrease | 1.2% | 0.0% | 0.0% | 1.0% | 0.0% |
| Slight decrease | 1.2% | 2.3% | 1.0% | 1.9% | 2.7% |
| No change | 12.5% | 11.3% | 5.0% | 5.8% | 9.5% |
| Slight increase | 13.4% | 19.6% | 8.0% | 12.5% | 12.2% |
| Increase | 32.0% | 30.2% | 38.8% | 17.3% | 28.4% |
| Significant increase | 39.3% | 35.9% | 46.3% | 59.6% | 47.3% |
Trends Over Time
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%.
More than 40% of Australian respondents feel that renters in their local area paid significantly more rent in the last twelve months.
Just over 1 in 3 male respondents feel that renters paid significantly more rent compared to more than 2 in 5 female respondents.
Almost two-thirds of participants from Western Australia feel that there was a significant increase in the amount paid by renters in the last twelve months. This was significantly higher than the national average.
From 2022 to 2024, the percentage of respondents who feel renters in their local area paid significantly more rent continues to trend upwards.
Do you feel your income has increased or decreased in the last 12 months?
Australia
| Significant decrease | 2.9% |
|---|---|
| Decrease | 4.1% |
| Slight decrease | 5.5% |
| No change | 49.8% |
| Slight increase | 28.5% |
| Increase | 6.7% |
| Significant increase | 2.6% |
Gender
| Female | Male | |
|---|---|---|
| Significant decrease | 3.9% | 1.7% |
| Decrease | 4.3% | 3.8% |
| Slight decrease | 5.0% | 6.1% |
| No change | 51.5% | 47.8% |
| Slight increase | 27.6% | 29.6% |
| Increase | 5.4% | 8.3% |
| Significant increase | 2.4% | 2.8% |
Age
| 18-27 | 28-37 | 38-47 | 48-57 | 58-67 | 68-77 | |
|---|---|---|---|---|---|---|
| Significant decrease | 1.2% | 2.1% | 2.2% | 5.5% | 5.4% | 1.8% |
| Decrease | 3.1% | 3.6% | 5.0% | 1.8% | 5.4% | 6.3% |
| Slight decrease | 8.1% | 5.7% | 3.3% | 4.3% | 6.8% | 5.4% |
| No change | 40.4% | 51.8% | 50.6% | 52.8% | 49.7% | 51.8% |
| Slight increase | 30.4% | 26.4% | 25.8% | 29.5% | 28.6% | 31.3% |
| Increase | 10.6% | 7.8% | 11.0% | 3.7% | 3.4% | 2.7% |
| Significant increase | 6.2% | 2.6% | 2.2% | 2.5% | 0.7% | 0.9% |
State
| NSW | Vic | Qld | WA | SA | |
|---|---|---|---|---|---|
| Significant decrease | 1.5% | 4.9% | 2.0% | 3.9% | 2.7% |
| Decrease | 3.4% | 3.0% | 6.5% | 2.9% | 5.4% |
| Slight decrease | 5.5% | 5.3% | 4.5% | 8.7% | 4.1% |
| No change | 52.1% | 49.1% | 48.3% | 56.7% | 48.7% |
| Slight increase | 27.4% | 28.7% | 29.4% | 24.0% | 32.4% |
| Increase | 7.9% | 5.7% | 8.0% | 2.9% | 2.7% |
| Significant increase | 2.1% | 3.4% | 1.5% | 1.0% | 4.1% |
Trends Over Time
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%.
*The missing 5.5% of respondents were N/A, retired or this didn’t apply to them.
Half of Australian respondents feel that there was no change in their income in the last twelve months.
There were 1 in 10 respondents aged 18-27 and 38-47 years old who feel that their income has increased in the last twelve months.
Nearly 60% of respondents from Western Australia feel that there was no change in their income. This was also higher than the national average.
Over three years, the percentage of respondents who feel their income has slightly increased continues to rise.
Have you felt more or less stressed due to the rise in the cost of living over the past 12 months?
Australia
| Significantly less stressed | 0.1% |
|---|---|
| Less stressed | 0.6% |
| Slightly less stressed | 1.9% |
| No change | 19.2% |
| Slightly more stressed | 28.3% |
| More stressed | 25.7% |
| Significantly more stressed | 24.3% |
Gender
| Female | Male | |
|---|---|---|
| Significantly less stressed | 0.0% | 0.2% |
| Less stressed | 0.2% | 1.1% |
| Slightly less stressed | 1.5% | 2.3% |
| No change | 14.8% | 24.1% |
| Slightly more stressed | 26.1% | 30.9% |
| More stressed | 27.0% | 24.1% |
| Significantly more stressed | 30.4% | 17.3% |
Age
| 18-27 | 28-37 | 38-47 | 48-57 | 58-67 | 68-77 | |
|---|---|---|---|---|---|---|
| Significantly less stressed | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% |
| Less stressed | 0.6% | 0.5% | 0.6% | 0.6% | 0.0% | 0.9% |
| Slightly less stressed | 2.5% | 3.1% | 1.7% | 1.8% | 1.4% | 0.0% |
| No change | 14.9% | 10.9% | 12.1% | 17.2% | 25.2% | 33.0% |
| Slightly more stressed | 24.8% | 22.3% | 27.5% | 33.1% | 35.4% | 27.7% |
| More stressed | 28.0% | 30.6% | 27.5% | 25.8% | 20.4% | 21.4% |
| Significantly more stressed | 29.2% | 32.6% | 30.8% | 21.5% | 17.7% | 16.1% |
State
| NSW | Vic | Qld | WA | SA | |
|---|---|---|---|---|---|
| Significantly less stressed | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% |
| Less stressed | 1.2% | 0.0% | 0.5% | 0.0% | 1.4% |
| Slightly less stressed | 2.4% | 1.5% | 0.0% | 3.9% | 4.1% |
| No change | 16.2% | 22.6% | 20.4% | 16.4% | 24.3% |
| Slightly more stressed | 32.3% | 24.5% | 28.9% | 24.0% | 27.0% |
| More stressed | 26.2% | 24.5% | 25.4% | 32.7% | 20.3% |
| Significantly more stressed | 21.7% | 26.4% | 24.9% | 23.1% | 23.0% |
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%.
Nearly 30% of Australian respondents were slightly more stressed due to the rising cost of living in the past 12 months.
There are 17% of male respondents who feel significantly more stressed. While there are 30% of female respondents who feel significantly more stressed, which is almost double the percentage of male respondents.
A third of respondents aged 28-37 years old feel significantly more stressed.
Meanwhile a third of Western Australians were more stressed due to the rising cost of living.
Has the rising cost of living made you more or less focused on your finances and/or budget in the last 12 months?
Australia
| Significantly less focused | 0.3% |
|---|---|
| Less focussed | 1.1% |
| Slightly less focused | 1.6% |
| No change | 14.0% |
| Slightly more focused | 23.5% |
| More focused | 31.4% |
| Significantly more focused | 28.1% |
Gender
| Female | Male | |
|---|---|---|
| Significantly less focused | 0.4% | 0.2% |
| Less focussed | 0.9% | 1.3% |
| Slightly less focused | 0.9% | 2.3% |
| No change | 10.6% | 18.0% |
| Slightly more focused | 21.5% | 25.8% |
| More focused | 33.2% | 29.4% |
| Significantly more focused | 32.6% | 23.0% |
Age
| 18-27 | 28-37 | 38-47 | 48-57 | 58-67 | 68-77 | |
|---|---|---|---|---|---|---|
| Significantly less focused | 0.6% | 0.5% | 0.0% | 0.6% | 0.0% | 0.0% |
| Less focussed | 1.9% | 1.0% | 2.2% | 1.2% | 0.0% | 0.0% |
| Slightly less focused | 4.4% | 1.6% | 1.7% | 1.2% | 0.7% | 0.0% |
| No change | 10.6% | 8.8% | 11.0% | 12.9% | 18.4% | 24.1% |
| Slightly more focused | 27.3% | 19.7% | 23.6% | 23.3% | 23.8% | 23.2% |
| More focused | 28.0% | 35.2% | 30.8% | 33.1% | 30.6% | 26.8% |
| Significantly more focused | 27.3% | 33.2% | 30.8% | 27.6% | 26.5% | 25.9% |
State
| NSW | Vic | Qld | WA | SA | |
|---|---|---|---|---|---|
| Significantly less focused | 0.0% | 0.4% | 0.0% | 1.0% | 0.0% |
| Less focussed | 0.6% | 1.1% | 1.5% | 1.9% | 1.4% |
| Slightly less focused | 1.2% | 2.6% | 0.0% | 1.0% | 4.1% |
| No change | 12.8% | 19.3% | 11.9% | 12.5% | 10.8% |
| Slightly more focused | 22.6% | 22.6% | 25.4% | 24.0% | 25.7% |
| More focused | 34.8% | 26.4% | 32.3% | 27.9% | 32.4% |
| Significantly more focused | 28.1% | 27.6% | 28.9% | 31.7% | 25.7% |
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%.
Almost a third of Australian respondents were more focused on their finances and/or budget in the last twelve months.
More than 32% of female respondents were significantly more focused on their finances, compared to only 23% of male respondents.
Nearly a third of Western Australian respondents feel significantly more focussed on their budget, despite the majority of respondents not feeling any change in their income.
What costs have you cut back on due to the rising cost of living in the last 12 months?*
Australia
Gender
| Female | Male | |
|---|---|---|
| Recreational costs | 63.7% | 55.4% |
| Groceries | 51.3% | 38.7% |
| Rent/Mortgage (by moving/refinancing) | 8.5% | 9.1% |
| Lifestyle costs | 63.2% | 60.0% |
| Transport costs | 23.2% | 27.7% |
| Health costs | 27.6% | 21.4% |
| Other | 3.9% | 4.2% |
| I haven’t cut back on costs | 13.7% | 16.7% |
Age
| 18-27 | 28-37 | 38-47 | 48-57 | 58-67 | 68-77 | |
|---|---|---|---|---|---|---|
| Recreational costs | 54.7% | 62.7% | 65.9% | 66.3% | 59.9% | 51.8% |
| Groceries | 46.6% | 50.3% | 48.4% | 46.6% | 42.2% | 40.2% |
| Rent/Mortgage (by moving/refinancing) | 14.3% | 12.4% | 12.6% | 6.8% | 2.0% | 3.6% |
| Lifestyle costs | 59.0% | 66.3% | 63.7% | 69.9% | 56.5% | 58.0% |
| Transport costs | 29.8% | 24.9% | 24.7% | 24.5% | 24.5% | 23.2% |
| Health costs | 28.6% | 28.5% | 31.3% | 23.9% | 19.1% | 17.9% |
| Other | 3.7% | 4.2% | 2.2% | 4.3% | 3.4% | 7.1% |
| I haven’t cut back on costs | 8.7% | 9.8% | 12.6% | 13.5% | 17.0% | 28.6% |
State
| NSW | Vic | Qld | WA | SA | |
|---|---|---|---|---|---|
| Recreational costs | 65.2% | 55.5% | 61.7% | 54.8% | 52.7% |
| Groceries | 44.8% | 42.3% | 49.3% | 44.2% | 46.0% |
| Rent/Mortgage (by moving/refinancing) | 8.5% | 11.3% | 5.5% | 9.6% | 5.4% |
| Lifestyle costs | 63.1% | 56.2% | 67.7% | 60.6% | 56.8% |
| Transport costs | 25.9% | 26.4% | 27.4% | 21.2% | 20.3% |
| Health costs | 24.4% | 26.0% | 26.4% | 15.4% | 29.7% |
| Other | 2.7% | 4.2% | 3.0% | 5.8% | 5.4% |
| I haven’t cut back on costs | 13.1% | 19.6% | 13.9% | 14.4% | 16.2% |
*Respondents could select more than one response
Nearly two-thirds of Australian respondents have cut back on lifestyle costs and recreational costs due to the rising cost of living in the last twelve months. This was the most common response followed by groceries, transport costs and health costs.
Almost 70% of 48-57 year old respondents have cut back on lifestyle costs in the last twelve months.
Younger Australians, including 14% of 18-27 year olds, have cut back on their rent or mortgage by moving or refinancing. While older Australians, including only 18% of 68-77 year olds, have cut back on health costs.
There were 1 in 10 Victorian respondents who cut back on their rent or mortgage. While 1 in 5 Victorian respondents said they haven’t cut back on costs.
Nearly 70% of Queensland respondents said they cut back on lifestyle costs due to the rising cost of living.
Has a rise in fuel prices ever made you reconsider travelling by car?
Australia
Gender
Age
State
| NSW | Vic | Qld | WA | SA | |
|---|---|---|---|---|---|
| Yes | 29.3% | 25.7% | 28.4% | 26.9% | 17.6% |
| No | 44.2% | 49.1% | 49.8% | 53.9% | 64.9% |
| I’ve thought about it | 26.5% | 25.3% | 21.9% | 19.2% | 17.6% |
Trends Over Time
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%.
There were 50% of Australian respondents who didn’t reconsider travelling despite fuel prices and always travelled by car when necessary.
More than a third of 18-27 year old respondents have avoided travelling by car due to rising fuel prices.
Nearly 30% of respondents from New South Wales have avoided travelling by car due to rising fuel prices.
In 2024, the number of Australians who always travelled by car increased from the previous year.
Has the last 12 months changed your perception of how long you’ll need to work to retire comfortably?
Australia
| I’ll need to work for far less time | 1.1% |
|---|---|
| I’ll need to work for less time | 1.0% |
| I’ll need to work for slightly less time | 1.5% |
| No change | 28.3% |
| I’ll need to work for slightly longer | 9.0% |
| I’ll need to work for longer | 18.7% |
| I’ll need to work for far longer | 20.1% |
| N/A, I’ve retired or this doesn’t apply to me | 20.3% |
Gender
| Female | Male | |
|---|---|---|
| I’ll need to work for far less time | 0.7% | 1.5% |
| I’ll need to work for less time | 0.7% | 1.3% |
| I’ll need to work for slightly less time | 1.1% | 1.9% |
| No change | 26.5% | 30.4% |
| I’ll need to work for slightly longer | 7.2% | 11.0% |
| I’ll need to work for longer | 21.9% | 15.0% |
| I’ll need to work for far longer | 25.0% | 14.6% |
| N/A, I’ve retired or this doesn’t apply to me | 16.9% | 24.3% |
Age
| 18-27 | 28-37 | 38-47 | 48-57 | 58-67 | 68-77 | |
|---|---|---|---|---|---|---|
| I’ll need to work for far less time | 1.9% | 2.1% | 0.6% | 0.6% | 0.7% | 0.9% |
| I’ll need to work for less time | 1.2% | 3.1% | 1.1% | 0.0% | 0.0% | 0.0% |
| I’ll need to work for slightly less time | 3.1% | 1.0% | 2.2% | 1.2% | 1.4% | 0.0% |
| No change | 29.2% | 26.4% | 33.0% | 34.4% | 30.6% | 17.9% |
| I’ll need to work for slightly longer | 13.7% | 11.9% | 7.7% | 8.6% | 10.2% | 2.7% |
| I’ll need to work for longer | 18.6% | 26.4% | 24.7% | 20.9% | 13.6% | 7.1% |
| I’ll need to work for far longer | 29.8% | 28.0% | 25.3% | 22.1% | 11.6% | 1.8% |
| N/A, I’ve retired or this doesn’t apply to me | 2.5% | 1.0% | 5.5% | 12.3% | 32.0% | 69.6% |
State
| NSW | Vic | Qld | WA | SA | |
|---|---|---|---|---|---|
| I’ll need to work for far less time | 0.9% | 0.8% | 1.0% | 1.0% | 1.4% |
| I’ll need to work for less time | 0.9% | 1.1% | 1.0% | 1.0% | 0.0% |
| I’ll need to work for slightly less time | 2.1% | 0.8% | 1.0% | 1.0% | 4.1% |
| No change | 31.4% | 30.9% | 23.4% | 22.1% | 29.7% |
| I’ll need to work for slightly longer | 8.5% | 7.9% | 6.0% | 12.5% | 10.8% |
| I’ll need to work for longer | 19.2% | 19.3% | 18.9% | 13.5% | 21.6% |
| I’ll need to work for far longer | 21.0% | 20.8% | 22.9% | 17.3% | 10.8% |
| N/A, I’ve retired or this doesn’t apply to me | 15.9% | 18.5% | 25.9% | 31.7% | 21.6% |
Annual Income
| <$18,200 | $18,200- $45,000 | $45,000-$120,000 | $120,000-$180,000 | >$180,000 | |
|---|---|---|---|---|---|
| I’ll need to work for far less time | 0.0% | 0.8% | 1.5% | 1.6% | 0.0% |
| I’ll need to work for less time | 0.8% | 0.4% | 1.3% | 0.8% | 2.2% |
| I’ll need to work for slightly less time | 0.0% | 0.8% | 1.9% | 2.4% | 2.2% |
| No change | 28.2% | 24.6% | 27.7% | 30.9% | 48.9% |
| I’ll need to work for slightly longer | 8.1% | 4.7% | 11.2% | 8.1% | 15.6% |
| I’ll need to work for longer | 13.7% | 14.1% | 20.4% | 28.5% | 13.3% |
| I’ll need to work for far longer | 25.8% | 12.9% | 23.4% | 18.7% | 15.6% |
| N/A, I’ve retired or this doesn’t apply to me | 23.4% | 41.8% | 12.5% | 8.9% | 2.2% |
Trends Over Time
| 2023 | 2024 | |
|---|---|---|
| I’ll need to work for far less time | 0.4% | 1.1% |
| I’ll need to work for less time | 0.4% | 1.0% |
| I’ll need to work for slightly less time | 1.0% | 1.5% |
| No change | 22.1% | 28.3% |
| I’ll need to work for slightly longer | 14.3% | 9.0% |
| I’ll need to work for longer | 24.4% | 18.7% |
| I’ll need to work for far longer | 21.2% | 20.1% |
| N/A, I’ve retired or this doesn’t apply to me | 16.1% | 20.3% |
^Due to how the figures are rounded within the survey data, numbers may not add up to exactly 100%.
Nearly 30% of Australian respondents said there was no change in how long they thought they needed to work to retire comfortably. While 20% of respondents feel that they’ll need to work far longer.
Only 15% of male respondents feel they’ll need to work far longer compared to 25% of female respondents.
Nearly 30% of 18-27 year olds feel they’ll need to work for far longer to retire comfortably.
More than 8% of respondents earning less than $18,200 thought they’ll need to work for slightly longer - this was the same for respondents who earned $120,000-$180,000.
There was also 16% of respondents who earned more than $180,000 who thought they’d need to work for slightly longer. While nearly 30% of respondents from this age group said that they’ll need to work longer to retire.
More than 25% of respondents who earned less than $18,200 thought they’d need to work for far longer to retire comfortably.
Key Takeaways
Half of Australians haven’t felt a change in their income for the third year in a row
For the third year in a row half of Australian respondents said there was no change to their income despite the rising cost of living.
Around 10% of Australians aged 18-27 and 28-37 said they saw an increase in their income in 2024. While only 3% of older respondents aged 48-57 and 58-67 saw an increase in their income.
The majority of Australians are stressed due to the rising cost of living
Nearly 80% of Australians felt some level of stress due to changes in the cost of living, including respondents who said they were slightly stressed, stressed and significantly stressed.
Almost double the percentage of female respondents felt significantly stressed about the rise in cost of living compared to male respondents. Younger Australians surveyed were also more likely to be significantly stressed due to cost of living pressures than older Australians surveyed.
Almost a third of Australians said there was no change in how they viewed retirement
Nearly 30% of Australians surveyed said there was no change in how they viewed retirement or how long they would need to work to retire comfortably.
Meanwhile the percentage of Australians who felt they’d need to work for longer decreased in 2024 compared to the previous year.
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