Over the past few years, Australian families have experienced a significant increase in prices. While it’s nearly impossible to avoid rising prices on basic necessities, those in lower income brackets are feeling the impact more severely compared to others.
The costs of essential needs like food, housing, healthcare, energy and transportation have risen dramatically, while wages have remained stagnant, leaving many individuals and families struggling with financial hardship.
The lack of a financial safety net can create significant pressure on households, which can severely impact their health and quality of life.
Households with greater financial means have been able to handle their increased costs by reducing non-essential spending and utilising their savings.
Those living in lower-income households usually find themselves spend a considerably higher share of their income on housing and other basic necessities.
This financial strain is taking a significant toll on the health of many Australians.
We can see this insecurity reflected in multiple ways, particularly through:
• Housing insecurity, where people find it difficult to locate a reliable safe place to call home.
• Food insecurity, where individuals struggle to obtain the necessary nutrients for a healthy diet.
• Energy insecurity, particularly when it comes to the rising costs of energy, which make it difficult for people to afford their electricity and gas bills.
• Transportation insecurity, a large portion of Australians face difficulties in affording vehicle registration, fuel, and public transportation services.
• Healthcare insecurity, many Australians are postponing essential medical treatment due to concerns about health care insecurity.
There are many ways the government could take action to reduce the financial pressures associated with everyday living expenses?
Allow me to share some examples illustrating how decreasing prices can play a crucial role in reducing inflation and providing much-needed cost of living relief for people.
Many prices in the economy are regulated by the government, such as, rents, medicines, electricity, childcare, bulk billing, fuel, transportation, university and TAFE fees.
Take childcare as an example.The government could consider implementing free childcare or raising the childcare subsidy, which would assist young families with their financial challenges and help in the effort to reduce inflation.
The benefits of investing in childcare extends far beyond individual families, it offers social and economic benefits also. When children have access to high quality childcare, it improves their educational success while also playing a crucial role in enabling parents to re-enter the workforce, thereby this dual benefit not only supports family stability but also strengthens the workforce.
Another strategy to address the cost of living is to evaluate the transportation costs incurred by individuals. Our goal should be to fully subsidise public transport, making it free for everyone, If that’s not feasible, we should at least ensure that fares are capped at a maximum of $1.00.
Together, we can build a brighter future for all.
Kosta Hadjimarkou
Senate candidate for the 2025 federal election.
