- NAB Consumer Stress Index eased to a two-year low
- Small cutbacks putting $4860 a year back in Aussies' pockets
Australians are starting to breathe a little easier, with consumer stress dropping to its lowest point in two years, thanks to easing cost-of-living pressures and growing hope around interest rates.
NAB's latest Consumer Sentiment Survey shows the stress index has dropped to 56.6, down from 59.6 in March, below the long-term average.
NAB Executive Lucia La Bella says recent rate cuts are already making a difference in how people are feeling about their finances.
And fewer Australians are seeing big jumps in mortgages, rent and transport.
"We're seeing a sense of optimism about the future and more confidence that there's light at the end of the tunnel," Ms La Bella said.
"We're seeing some relief already among mortgage holders with almost half saying they're feeling the benefits of recent rate cuts.
"With another RBA meeting just days away, many households are watching closely and planning their budgets."
Cost-of-living is still the main concern among Australians although it has now eased to its lowest level in three years.
Households are continuing to tighten their belts, cutting back on things like eating out, entertainment and travel - saving an average of $4860 a year. But it's not just about cutting back, people are shopping smarter too.
One in three are switching to cheaper brands, one in four are doing their homework before buying, and one in ten are snapping up deals when they see them.
"They're showing resilience, making smart choices, and setting themselves up for a stronger financial future," Ms La Bella said.
With a new financial year here, it's a good opportunity to start fresh with a new budget. Free tools like the NAB Budget Planner are a good place to start.
