4 in 10 Australians believe the cost of living is a key detractor from their wellbeing, as financial stress continues to rise. Household savings coming under pressure. Over 1 in 2 Australians extremely concerned over their mortgage debt should interest rates rise further.

The NAB Australian Wellbeing Index was basically unchanged in Q1’23 and continues to trend slightly above average. Though Australians reported lower life satisfaction, life worth & happiness, they were less anxious. Overall wellbeing scores did not differ materially by income, except in the lowest income group where it was much lower.