Australians Urged to Audit Bills and Automate Savings as Rates Rise 3 Times

4 articles · Updated · The Conversation · May 12

Three Reserve Bank rate increases this year have reversed last year’s cuts, adding pressure to households already hit by resurgent inflation and higher fuel costs.
Essential spending — food, housing and healthcare — is rising faster than discretionary items, making bill audits on rent or mortgages, utilities and insurance the biggest potential source of savings.
Long-term customers can pay a “loyalty tax” by staying with the same providers, and the report says government tools can help households compare and switch to cheaper offers.
Secondhand marketplaces can lower spending on non-essentials and generate extra income from unused goods, while automated payday transfers into a high-interest emergency fund can build resilience.

While some have savings, are millions of Australians now facing a financial 'buffer cliff' with no safety net?

Is the Reserve Bank's inflation fight pushing Australia's weakening economy toward a cliff edge?

Is a decade of stagnating productivity the hidden crisis costing every Australian thousands of dollars?