Majority of Australians struggling financially: Poll

Canberra, Nov 7 (SocialNews.XYZ) A majority of Australians are struggling financially, a new poll revealed on Tuesday.

The poll, which was published by independent market research company Essential, found that 41 per cent of Australians say they are "struggling a bit" to pay bills and 13 per cent reported they are in "serious difficulty" with being able to pay bills a regular concern, reports Xinhua news agency.

It marked an increase from February when 46 per cent of participants in the poll said they were either financially struggling or in serious difficulty.

Among respondents to the poll, 22 per cent said rising interest rates were having a "very negative" impact on them, up from 19 per cent.

The Reserve Bank of Australia, has raised the cash rate 12 times since May 2022 from 0.1 per cent to 4.1 per cent.

Its board of governors will meet on Tuesday afternoon to decide on whether another increase is needed to bring down inflation.

The Essential poll found that 56 per cent of Australians think the rate will continue to rise and has not reached its peak.

Thirty-six per cent said they believe interest rates have peaked but will take time to go back down.

Overall, 48 per cent of respondents said they believe Australia is on the "wrong track" compared to 34 per cent who said the country is on the right track and 18 per cent were unsure.

Source: IANS