Overall wellbeing falls slightly, but anxiety climbs with concerns increasingly linked to rising living costs. Financial stress is growing. 1 in 4 Australians believe they’re worse off financially compared to a year ago.

The NAB Australian Wellbeing Index inched down in Q4 and is now lower than at the same time last year. Australians were happier and enjoyed a higher sense of life worth, while there was a further small fall in life satisfaction. Lower wellbeing was underpinned by higher anxiety, with concerns increasingly linked to the rising cost of living. Self-reported health outcomes also worsened during the final quarter of 2022, with Australians rating all aspects of their health (social, physical, and mental) lower. Around 1 in 3 Australians identify as having “high” levels of anxiety.