NAB’s Chief Economist, Alan Oster provides his thoughts on the Australian and Global economy.
Beyond GDP: Insights into wellbeing, and the role money and finances play in our lives.
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.
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