“It’s difficult to maintain paying rent and wanting to keep up a social lifestyle.' Young Australians are increasingly struggling with the rising cost of living in Australia.
Young Australians are increasingly struggling with the rising cost of living in Australia, with skyrocketing rents and insecure work affecting their ability to plan for their financial futures.found that prices for household goods and consumer expenses had risen to 7.8 per cent in January 2023. Rents across the country also rose 15 per cent in 2022.
“People don’t know when the cash rate is going to stop going up, which creates uncertainty and some fear in the market,” he says. This fear is being internalised by young people who are attempting to establish financial stability and routines in their lives. “We ended offering up on our rent because we were so worried about not finding a house at all,” Horsfall says. It was a difficult decision, which she says has had an impact on her budgeting.
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