The cost of living crisis in Australia is becoming increasingly dire, with a worrying number of Australians viewing their tax return as a crucial part of their finances. A recent survey by Finder has revealed that one in two Australians have had to decrease their standard of living, and one in eight Australians say their tax refund is “critical” to staying financially afloat in the next few months.
The cost of living crisis is being felt by Australians from all walks of life, with rising costs of essential items such as groceries, utilities and rent forcing people to cut back on their spending. Australians are being forced to make hard decisions, such as delaying payments, switching to less expensive products and services, and reducing their discretionary spending.
Almost a quarter (23%) of the survey respondents considered it to be “very important” to their household budget, while 12% stated it was “critical”.
As July draws near and tax time approaches, an estimated 7.2 million Australians – or 36% of the population – are looking to put their tax return into savings during this tumultuous economic period. According to Finder, with the average refund being $2900, this tax season could potentially bring in a total of $20.8 billion into savings.
Half of Australians, 49 per cent, report that their standard of living has recently dropped, with grocery purchases and shopping reduced, as revealed by the shocking tax data from Finder.
