A new report on the cost of living has revealed the full extent of financial pain facing Tasmanians, especially young Tasmanians.
Finder’s new Cost of Living Australia report has found rising cost pressures have forced four out of five Australians to cut spending in key household areas, with young adults affected twice as badly as their parents.
The report says 70 per cent of Generation Z and 61 per cent of Generation Y are facing financial stress – and around 70 per cent of young people are enjoying life less.
Shockingly, it says 89 per cent of Gen Y and 90 per cent of Gen Z have cut back at least one household expense, along with 59 per cent of Baby Boomers and 72 per cent of Gen X – with the main spending cuts affecting groceries, holidays, entertainment, food delivery and petrol.
These figures really underline the pain Tasmanians are living with – going without basics just to try to make ends meet – but instead of acting, the Liberal government has abandoned households and businesses, refusing to take any action to support them.
19,000 Tasmanians have fallen into debt waiting for the government to provide energy relief, and community service organisations are seeing a spike in the number of people attempting to access help, while the Liberals continue to sit on their hands.
Tasmanian Labor will put money back in people’s pockets by capping power price increases at 2.5 per cent to help reverse the trend of growing energy debt.
Labor will put an end to soaring power prices and put people before profits – and give Tasmanians the cost-of-living relief they so desperately need.
Sarah Lovell MLC
Shadow Minister for Community Services
Labor Member for Rumney