The ABS has reported that one-third (31%) of Australians claimed their household finances have worsened during the peak COVID-19 affected period of mid-March to mid-April. 45% of Australian adults have had their household finances impact by COVID-19 during this period. However, one in seven (14%) of Australians reported an improvement in their household finances.
81% of Australians stated that it was within their financial abilities to raise $2,000 for something important within a week, which is a decrease from the 84% of Australians who were able to in 2014. It has also been reported that one in 13 Australians (7.5%) have stated that their household lacked the amount of required to pay their bills on time, and one in ten (10%) withdrew accumulated savings to sustain their basic living expenses.
The Australian government’s COVID-19 economic stimulus package designed to alleviate this reduction of individual income has begun, with one-quarter of Australian adults reporting that they have received their first one-off $750 economic support payment.