{"id":580841,"date":"2026-04-13T02:45:36","date_gmt":"2026-04-13T02:45:36","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/580841\/"},"modified":"2026-04-13T02:45:36","modified_gmt":"2026-04-13T02:45:36","slug":"15-million-aussies-face-new-crisis-with-no-financial-buffer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/580841\/","title":{"rendered":"15 million Aussies face new crisis with no financial buffer"},"content":{"rendered":"

Living costs are expected to skyrocket amid the global fuel crisis but a growing number of Aussies families say they have less money than a year ago after years of burning through their emergency savings.<\/p>\n

\"Energy<\/p>\n

Fuel price rises have threatened to increase other living costs. Picture: Ezra Acayan\/Getty Images<\/p>\n

New polling by comparison group Finder revealed about a quarter of households across the country were worse off than they were last year, with little capacity to endure coming rate hikes and inflation.<\/p>\n

A further 42 per cent of households claimed their finances had stagnated over the past year and they will have to combat cost of living rises with the same income as last year.<\/p>\n

The findings come as Treasurer Jim Chalmers warned the conflict involving Iran could push inflation back towards 5 per cent, largely driven by surging global oil prices.<\/p>\n

Westpac has also warned of more interest rate hikes, on top of the two cash rate increases announced in February and March.<\/p>\n

\"FEDERAL<\/p>\n

Treasurer Jim Chalmers has warned of a rise in inflation. Picture: Martin Ollman<\/p>\n

Finder estimated the number of Australians living in households where family finances had deteriorated or stagnated amounted to about 15 million people.<\/p>\n

Finder personal finance expert Sarah Megginson said many households would be entering another cost of living crisis having already burnt through their emergency funds for previous price hikes.<\/p>\n

They would be entering one of the most uncertain economic periods in recent history without having rebuilt their financial buffers, she said.<\/p>\n

\u201cHouseholds have barely steadied their finances after years of rising costs and another fuel price surge could send many Australians backwards.<\/p>\n

\u201cWhen prices jump quickly and you have to find money in your budget to make ends meet, it can take months or even years for people to rebuild as they pay down debt or start saving again.<\/p>\n

\u201cFor a lot of households, there\u2019s no extra money left in their budget to absorb another price rise.<\/p>\n

\u201cAn unexpected bill, rent increase, surprise trip to the dentist or unexpected expense can quickly push people to the brink.\u201d<\/p>\n

MORE: 50 hikes in 15 days: Aussies smashed as banks move<\/a><\/p>\n

About 26 per cent of those polled in the Finder research said they were better off financially than they were in 2025.<\/p>\n

Ms Megginson said the prospect of further interest rate rises from the RBA could compound the pressure on already-stretched household budgets.<\/p>\n

\u201cIf inflation spikes again \u2013 and that\u2019s looking likely \u2013 it raises the risk that interest rates might stay higher for longer or they could even increase further.<\/p>\n

\u201cFor mortgage holders, that could mean hundreds of dollars more per month in mortgage repayments.\u201d<\/p>\n

Ms Megginson warned wage stagnation has left many Australians vulnerable if living costs rose again.<\/p>\n

\u201cMost people haven\u2019t moved forward financially in the past year, which means there\u2019s less room in household budgets to absorb another wave of rising costs.\u201d<\/p>\n

\"Insurance<\/p>\n

Finder expert Sarah Megginson said many families had little capacity to pay more in living costs. Picture: Nigel Hallett<\/p>\n

Ms Megginson added that the coming months would be critical for household finances.<\/p>\n

\u201cNow is the time for households to examine every inch of their budget to see where they can cut back, spend less on bills where they can, and do what they can to build a financial buffer.\u201d<\/p>\n

Mortgage analyst Sally Tindall said recent rises in fixed rate mortgage costs, including from Westpac, pointed to more interest rate hikes.<\/p>\n

\u201cWith more than 60 lenders lifting fixed rates since the RBA\u2019s March meeting, it\u2019s clear the market is increasingly bracing for the possibility of further tightening, as global tensions start to feed into costs here at home,\u201d she said.<\/p>\n

\u201cWestpac\u2019s updated cash rate forecast points to more rate hikes on the horizon, reinforcing the view that even tougher times are ahead.\u201d<\/p>\n

\"Older<\/p>\n

Food prices are also expected to spike.<\/p>\n

Money.com.au research showed Aussies were already tapping into their redraw and offset accounts for everyday expenses.<\/p>\n

Almost one in two Aussies (44 per cent) delayed or put off medical care in the past five years due to mortgage costs, Money.com.au research showed.<\/p>\n

It included skipped dental appointments (61 per cent), specialist visits (23 per cent), delayed mental health treatment (12 per cent), and 4 per cent who postponed surgery or other medical procedures.<\/p>\n

Money.com.au\u2019s mortgage expert Debbie Hays said Aussies were being forced to tap into their savings.<\/p>\n

\u201cMore borrowers are tapping into their offset or redraw accounts to pay for medical expenses or elective surgery when they need it sooner than the public system allows,\u201d she said.<\/p>\n","protected":false},"excerpt":{"rendered":"Living costs are expected to skyrocket amid the global fuel crisis but a growing number of Aussies families…\n","protected":false},"author":2,"featured_media":580842,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,147,530],"class_list":["post-580841","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/580841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=580841"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/580841\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/580842"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=580841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=580841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=580841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}