Sixty-two per cent of Australians say rising costs have led them to modify their diet, opting for cheaper options at the supermarket such as chickpeas over more expensive options including salmon or steak according to new research from business management platform MYOB.
The survey of 1000 consumers, conducted in the weeks leading up to Federal Budget, reveals 69% hope to see assistance to address cost-of-living pressures from this year’s Budget, followed by rent relief and affordable housing (64%) and personal tax cuts (61%).
The impact of increasing costs on consumer behaviour is far reaching, with 65% of Australians spending less on going out to eat or food delivery, 62% reducing the amount they spend on entertainment or attending events, and 51% cutting back on buying clothing and beauty products.
“More than half (56%) of the respondents are concerned about the cost of living, and this is forcing them to keep a tight rein on their spending, which in turn has an impact on Australia’s 2.5+ million small and medium sized enterprises (SMEs),” said Emma Fawcett, MYOB’s General Manager SME.
“Australians know the value and importance of the SME community, however with less money to spend on discretionary items, many are looking to the Government to help this business community during a challenging period.”
Four out of five Australians (80%) believe the upcoming Federal Budget should deliver more support for small businesses, with most suggesting that helping small businesses (87%) and medium sized businesses (90%) will be key to drive economic recovery.
Despite this, 38% of respondents are not confident the Budget will deliver for Australia's SMEs.
“Consumers and business owners want to see measures that will deliver real and meaningful support in this Budget. SMEs and the mid-market make up 99% of the country’s businesses and contribute more than half of our GDP.
“Relief from cost-of-living pressures means more money in the pockets of everyday Australians and more cash flowing through SMEs and the mid-market, helping the economy recover and grow.”
For more Federal Budget coverage follow MYOB Pulse.
ENDS
For more information please contact
Selina Ife
Media Manager
E: selina.ife@myob.com
About MYOB
MYOB is a leading business management platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees, alongside a network of accountants, bookkeepers and consultants. For more information visit myob.com or follow MYOB on LinkedIn.
About the research
The survey was conducted by Pollfish on behalf of MYOB on 25th and 26th April 2024, comprising 1000 employed or self-employed Australians aged 18-54.