Today, the Reserve Bank of Australia (RBA) has announced it will hold interest rates steady at 4.35%, offering temporary relief amid the ongoing cost of living pressures that everyday people are experiencing. This decision follows new figures from the Australian Bureau of Statistics revealing a 3.8% rise in the Consumer Price Index (CPI) over the 12 months to June 2024. The most significant price rises this quarter have been housing (+1.1%) and food and non-alcoholic beverages (+1.2%).
This is the latest impact of decades of poor economic policies and corporate power that have created and worsened inequality in Australia. GetUp is capturing stories from thousands of Australians across the country, these stories highlight the need for a complete reprogramming of our economic system to ensure that the basic living standards are met for all. It’s time for the government to stand up to corporate greed and make bold changes that prioritise the needs of everyday people.
GetUp’s Chief Campaigns Officer Amy Gordon said:
“We know Australians are doing it tough – thousands have shared their stories to Getup’s Cost of Living Map. They want to be able to put food on the table and have a safe place to call home. Often, what we hear is that if people just budgeted better or worked harder, they could overcome their financial struggles.
“Increasingly more of us are trying to stretch a single paycheck to cover rent, groceries, and healthcare in a system where costs keep rising faster than wages. You can't budget your way out of a system designed to keep you on the edge.
“Big businesses are raking in unprecedented profits, and their CEOs are earning million-dollar salaries.
“This is a ‘crisis of equity and fairness’ and we need to be talking about what’s really driving the crisis and how to fix it.”
GetUp is calling for immediate reforms to curb excessive corporate profits and ensure that basic necessities are accessible and affordable for all Australians.
ENDS
GetUp Media, media@getup.org.au, +61 2 8188 2870