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Pandemic Savings Spent, Retail Sales Dive Tipped

Election polling has revealed that most NSW households are stretched to the limit, with most of the savings accrued during the pandemic having been long spent.

This is also reflected in yesterday’s spending data from ANZ that shows a 18 per cent dip in non-food retail spending across the nation.

It was also evident in figures released today by the ABS that show household wealth fell for the third consecutive quarter in the December quarter, decreasing by 0.4 per cent.

The AFR Freshwater Strategy Poll of 1100 voters, taken between March 19 and March 21, found 53 per cent of voters feel worse off financially than they did a year ago – while over half of households were be pushed into debt if an unexpected $600 bill popped up, up eight per cent from October.

“More people having to borrow or take on debt to cover an unexpected bill, it shows that more people have drained their reserves since October last year and that anything they saved up in COVID is just about gone,” Freshwater Strategy director Mike Turner said.

Just 20 per cent of voting homeowners said they could comfortably make their mortgage repayments, with 34 per cent were “managing”. 25 per cent are “struggling” or unable to make repayments, while another 18 per cent said they were “just about managing” to make repayments.

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