Overall wellbeing falls to a 2-year low in Q2, with cost of living pressures weighing more heavily. Household financial stress levels are also building, and household savings under more pressure. The number of Australians that felt worse off financially in the June quarter has now doubled compared to the same time last year.

The NAB Australian Wellbeing Index fell to a 2-year low 63.9 pts in Q2 2023, with weaker outcomes reported for all measures – life worth, life satisfaction, happiness and anxiety. Wellbeing was lower across most of the country (except Victoria) and in most demographic groups – just 9 of 48 monitored groups reported higher wellbeing in Q2.