Below trend growth to continue
Australia’s wellbeing falls, but the gap by income now at its narrowest in almost 3 years. Wellbeing diverging across the country, highest in TAS & lowest in WA. Home ownership a significant differentiator. Household financial stress up slightly but falling for low income earners & rising sharply for those on higher incomes. The share of Australians experiencing some form of financial hardship now at a survey low.
The NAB Australian Wellbeing Index dipped in Q1 2022 to 64.8 pts (65.5 pts in Q4 2021), after rising sharply in the final quarter of 2021 as VIC, NSW and the ACT emerged from extended COVID lockdowns. But the national result masks notable differences by state/territory. Wellbeing climbed steeply in TAS (up 5.5 pts to 72.3), with much higher scores for all measures. Wellbeing also lifted in NSW (up 1.6 pts to 66.3). Conversely, wellbeing fell heavily in WA (down 5.3 pts to 62.3) to become the lowest in the country (replacing VIC) as anxiety levels climbed sharply. Higher anxiety was also the main driver of lower wellbeing in SA/NT (down 2.2 pts to 63.3) and VIC (down 1.9 pts to 63.0). In QLD, wellbeing fell slightly (down 0.4 pts to 65.9), with lower life satisfaction, life worth and life satisfaction scores offsetting lower anxiety.
Find all the insights in the NAB Australian Wellbeing Survey (Q1 2022)
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