RSM surveyed 139 individuals across Australia to learn more about their priorities and expectations regarding the upcoming 2024-25 Australian Federal Budget. The survey findings provide a snapshot of the current economic concerns of Australians, and the results indicate that many people are struggling with the cost of living and retirement savings.
57% of respondents believe that they will struggle to retire. Only 11.88% of respondents reported feeling very confident in their ability to retire comfortably with their current superannuation savings. This suggests that many Australians feel uncertain about their financial future.
An overwhelming 71% of respondents believe that the May Federal Budget should include subsidies to manage aged care costs, highlighting the importance of supporting the elderly in the community.
Regarding the cost of living, the survey found that rising costs of utilities were perceived as the most significant burden, with 27% of respondents desiring support for healthcare expenses in the form of further bulk billing services and Medicare rebates. 14% would like to see more rental support to help with housing costs, indicating the difficulties many Australians face in affording housing. Interestingly, 10% of respondents had other reasons, with the most common write-in responses requesting help with groceries or additional support for pensioners.
When asked about how they would use the extra cash they may receive from the Stage 3 tax cuts, almost 60% of those surveyed said they would use it to help offset the increased cost-of-living pressures, indicating the pressing need for financial relief.
The survey responses regarding Australia's deepening housing crisis were mixed. The majority of respondents (31%) believe abolishing negative gearing would be the most effective way to resolve the issue, suggesting that Australians' views on negative gearing have shifted since the 2019 Federal Election. Meanwhile, 24% of respondents support imposing caps on rental increases, indicating the need for measures to address the affordability of housing.
How are Australian businesses faring in 2024?
RSM surveyed 84 small to medium business owners across Australia to learn more about their priorities and expectations regarding the upcoming 2024-25 Australian Federal Budget.