Two-thirds of Tasmanians are feeling the pinch when it comes to their finances, with 66% reporting that they are worse off than they were a year ago, according to a recent cost-of-living study.
The Tasmania Cost of Living Quarterly Report, conducted by 3P Advisory, revealed that this figure represents a significant 41% increase from the previous year.
Released on Friday, the report also highlighted the key concerns of Tasmanians as they head into the upcoming elections.
86% of respondents labeled the cost of living as an extremely important election issue, followed closely by health care at 83%, access to a general practitioner at 78% and the cost of housing at 74%.
The survey delved further into the financial struggles faced by Tasmanians, finding that 76% of respondents believed that the cost of living was the top issue requiring immediate attention in the state.
Housing affordability was also a prominent concern, with 71% of respondents voicing their worries.
92% of those surveyed reported cutting back on food and groceries due to high costs, while 70% admitted to being unable to eat well.
Financial pressures faced by individuals were also outlined in the report, which revealed one-third of respondents were struggling with mortgage repayments.
One-third said they would be unable to come up with $2000 within a week to cover a lump sum payment, a stark contrast to the national average of 18%.
Since the inception of its routine cost-of-living reports, 3P Advisory has surveyed over 1900 people.
The report’s findings have prompted responses from politicians on both sides of the aisle.
Labor’s community services and development spokeswoman Sarah Lovell said consumer confidence is now at record lows, “which is bad news for our economy overall”.
Community Services Minister Nic Street highlighted initiatives designed to ease the burden for some, including energy bill relief and food relief grants, which provide free or low-cost hampers and ready-to-eat meals.
“Our government is and will continue investing record levels of funding in the services Tasmanians need,” he said.
