Financial strain is at the front of Australians' minds

Leading researchers have found approximately 12 million Australians are deeply concerned about their financial wellbeing, as a result of coronavirus pandemic. Advocates and community leaders welcomed the current economic support measures but they are calling for clarity on how long they will be available and for some to be made permanent.

Office stress stock in Sydney, Tuesday, March 26, 2013 Source: AAP

The coronavirus pandemic is disrupting life across Australia, with many losing their jobs or having their income reduced.

Millions are feeling overwhelmed, shocked and anxious about their working futures. The Centre for Social Impact has released a new policy response to COVID-19’s impact on the Australian community’s financial wellbeing. It found millions of people are suffering financially and psychologically, and while the response from government to-date has protected many vulnerable Australians, there is room for improvement.

 Australian Council of Social Service ((ACOSS)) Chief Executive Cassandra Goldie says lives are at risk and no person in Australia should be left behind. 

Experts say Australia is heading for a deeper recession than what was seen in the 1980s and 90s.

The unemployment rate has increased from 5.2 per cent in March to 7.1 per cent in May. These figures exclude stood down workers who are receiving JobKeeper support. If those people are included, then the unemployment rate increases to 9.5 per cent in April and 8.2 per cent in May. Ms Goldie says social services welcomed support schemes such as JobKeeper and JobSeeker, but there needs to be clarity and assurance that the support will continue and not be reversed at any time.

 

Source: SBS