Money

Grocery affordability hits crisis point for households

Published

1 year ago

February 8, 2024

Ahron Young

The burden of grocery expenses on Australian households has surged, with findings from Finder revealing a distressing trend.

According to the latest data from Finder’s Consumer Sentiment Tracker, a staggering 42% of Australians, equivalent to 3.9 million households, cite their grocery bill as a significant financial stressor. This marks a substantial increase from 26% or 2.4 million households, reported just two years ago.

Amid this concerning rise in financial strain, a new survey conducted by Finder unveils that 92% of Australians have adopted various shopping tactics to alleviate the pressure on their wallets. The survey, comprising 1,002 respondents, indicates a widespread effort to save money at the checkout counter.

Kitchen essentials

The research highlights that over half of the shoppers (53%) resort to bulk buying kitchen essentials to cut costs, while 61% of respondents, equivalent to 5.6 million households, opt for visiting multiple grocery stores to seek better deals. Additionally, more than one-third (38%) of shoppers utilise coupons to secure discounts.

Graham Cooke, head of consumer research at Finder, underscored the dire situation faced by millions of Australians, stating, “Many are struggling to afford the bare necessities and don’t want to pay more than they need to for food.” Cooke emphasised that the current cost of living crisis is exacerbating financial pressures on households, leading to heightened stress levels.

Year to year

The average weekly expenditure on groceries per Australian household in January reached $188, marking a $10 increase from figures reported two years prior.

This translates to a substantial $520 hike in annual grocery spending per household, totaling a staggering $4.8 billion nationwide across Australia’s 9.275 million households.

Cooke advised consumers to exercise caution and explore options to mitigate expenses.

He suggested strategies such as reducing the frequency of grocery trips to minimise impulse purchases, opting for generic brands where feasible, and leveraging online shopping apps offered by major supermarkets to compare prices effectively.

As Australians grapple with the escalating costs of living, the findings underscore the urgent need for households to adopt savvy shopping practices to navigate the grocery affordability crisis effectively.

Money

Secret IMF meeting sparks US-China truce

Covert IMF meeting sparks US-China trade breakthrough with 115-point tariff cut for 90 days, marking significant progress since the Trump trade war.

Published

23 hours ago

May 14, 2025

ticker NEWS

Covert IMF meeting sparks US-China trade breakthrough with 115-point tariff cut for 90 days, marking significant progress since the Trump trade war.

A covert meeting in the basement of the IMF has set off a diplomatic shockwave, leading to a major breakthrough in US-China trade talks.

Top officials from both nations have now agreed to slash tariffs by 115 points for 90 days—marking the first real progress since the Trump-era trade war began.

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Money

Gen Z and millennials surpass boomers in voting power

Gen Z and Millennials outnumber Baby Boomers in Australian elections, signaling potential reforms in taxation and inheritance laws.

Published

2 days ago

May 13, 2025

ticker NEWS

Gen Z and Millennials outnumber Baby Boomers in Australian elections, signaling potential reforms in taxation and inheritance laws.

For the first time in history, Gen Z and Millennials now outnumber Baby Boomers at the ballot box in Australia, marking a seismic change in the country’s political landscape.

Experts say this electoral milestone could spark major reform debates on taxation, superannuation, and inheritance laws as younger voters prioritise different values.

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Money

Stocks decline as tariffs and trade tensions escalate

Stocks drop as tariffs worry investors; gold hits record high; Canada resists U.S. annexation talk.

Published

1 week ago

May 7, 2025

Ahron Young

Stocks drop as tariffs worry investors; gold hits record high; Canada resists U.S. annexation talk.

In Short:
Stock indexes declined on Tuesday after a nine-day winning streak, while gold prices soared amid economic concerns. Major companies like Ford and Mattel adjusted forecasts due to tariff impacts, and the trade deficit hit a record high of $140.5 billion.

Stock indexes fell on Tuesday, following declines in the Dow and S&P 500 after a nine-day winning streak.

Gold prices reached a new record as markets reacted to ongoing economic concerns.

The downturn persisted following a meeting between Canadian Prime Minister Mark Carney and President Trump, where Carney rejected any notion of Canada being for sale.

Investors showed continued apprehension about the impact of U.S. tariffs and the absence of new trade agreements, particularly as major companies like Ford and Mattel suspended annual guidance due to tariff uncertainties.

Ford impact

Ford, while less affected than competitors, estimated potential tariff impacts could reduce profits by $1.5 billion, prompting a 2.8% increase in its stock.

In contrast, Mattel’s stock rose by 2.6% after it signalled a potential increase in U.S. toy prices, anticipating a $270 million hit from tariffs, while also planning to move manufacturing from China.

Both WK Kellogg and Marriott International adjusted their financial forecasts downward due to tariff-related challenges and broader economic uncertainties.

Clorox shares fell sharply after the company updated its guidance to reflect tariff impacts.

Additionally, President Trump indicated he would announce the details regarding pharmaceutical tariffs within two weeks.

On a related note, new data revealed the trade deficit reached a record $140.5 billion in March, exceeding economists’ expectations and reflecting a surge in imports amid trade policy changes.