Australians are facing more price spikes in the lead-up to Christmas, with new research from NAB highlighting how much extra people expect to pay on essentials.
The NAB Consumer Sentiment Survey revealed people were anticipating further pressure on their wallet as the year draws to a close.
Aussies are expected to spend $59 extra a week on groceries, $35 a week more on fuel, and $76 more a week on gas, electricity, and water bills.
It adds up to a hefty $170 more a week.
Given these changing budget expectations, almost one in two Australians said they were being mindful or careful with their money and altering their behaviour.
Of the 2050 people surveyed, 61 per cent said they had switched to cheaper brands or shopped around for cheaper products.
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More than half – 54 per cent – had cut back on or cancelled food delivery services, and 47 per cent had done the same for entertainment.
And more than a third – 36 per cent – had cancelled or reduced subscriptions to newspapers, magazines, and audio books.
However, NAB said these fears of cost of living pressures were balanced against increased job security and record employment rates.
NAB group executive for personal banking Rachel Slade urged anybody struggling financially or worried about meeting payment shcedules to contact their bank “as soon as possible” for assistance.
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