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Next week’s Federal Budget has many Australians wondering how they will be affected. 

The government has strongly advocated for building a more resilient economy than their predecessors, yet in recent months, the economy is suffering due to a rapid rise in inflation. This has pushed up interest rates and is squeezing the cost of living with both consumers and businesses feeling the pressure. 

Following groceries, the leading financial stressors for Australians are petrol, rent, mortgage payments and energy bills. And just to make ends meet, Aussies are making more considered purchases, seeking higher paying employment or working multiple jobs. Australians are already anxious about inflation with growing concern there’s no end in sight. 

Will the government restore their trust in Australians and keep their pre Federal Budget promises?

Cost of living crisis

Latest data from CHOICE’s Consumer Pulse survey, revealed that cost of living pressures are a major concern, with 90% of Australians seeing an increase in their household bills and expenses over the past year. 

Inflation pressures are intensifying and the Reserve Bank of Australia (RBA) continues to drive up interest rates - their highest level in 7 years. The government has promised a long-term and sustainable approach to cost of living support in the form of a relief package. 

Concerned about their mortgage payments, up to a third of mortgage holders could struggle to keep up with future repayments, with younger generations particularly concerned about surging interest rates. 

Using Isentia data, during an eight week period from early August to early October 2022, 18% of Australia’s front pages featured cost of living stories. Even in a time of large local and international news such as the war on Ukraine and the Optus security breach, the cost of living crisis was still making front page news.

According to Pulsar data, anxieties around the cost of living, peaked following the RBA's interest rate announcements on 4 September and 4 October. For the sixth consecutive month, Australians have had to tighten an already lean household budget.

Apprehensions around security increased on 24 September as a result of the Optus security breach and again on 10 October when the government announced changes to the country's defence projects.  Also on 10 October, cost of living concerns spiked after growing speculation surrounding the Stage 3 tax cuts being recalibrated. Australians also felt a heightened sense of unease after the announcement of a future surge in energy costs, following a recent  35% rise.

Childcare fees are at their highest in 8 years, with child care subsidies failing to keep out of pocket costs to a minimum. On 16 September, conversation around child care spiked, as Treasurer Jim Chalmers promised to reduce the cost of childcare, yet pledged to keep spending restrained in light of budgetary constraints. 

As part of the cost of living relief package, this reduction won't come into play until mid 2023. Can Australian families wait this long?

Problematic climate conditions such as excessive rain and floods are leading to localised food price increases and diminished food quality. Even in the same area, poorer households are faring far worse than affluent counterparts. Across the board, there has been  a surge in the cost of fruit and vegetable prices (7.3%) and meat, seafood and bread rising by 6.3%. 

On top of these climate issues, labour shortages in both warehousing and transportation have resulted in added disruption to the supply chain. Freight costs are on the rise, putting intense pressure on importers and exporters. 

Are Aussie consumers looking at a continued supply chain that is more disruptive than the 2020 toilet paper shortage? The rise in the cost of living weighs on households' spending, and Australians are seeking alternate ways to make extra cash.

The thrifty shopper

As the cost of living rises, many Australians are seeking alternate ways to make or save cash; trimming budgets where they can; cancelling home entertainment subscriptions, and reducing insurance coverage for lower fees to name a few. Purchases at all levels are becoming more involved and highly considered, with discounts heavily sought after.

As Millennials and Gen Z shoppers are gaining more buying power, their passion for sustainable commerce is stronger than ever. Selling personal items to make extra cash has been on the rise with retail e-commerce platforms such as Facebook Marketplace and ‘Recommerce’ platforms like AirRobe, are booming. Not only are Australians becoming more financially savvy, they are conscious of the need to ‘reduce, reuse and recycle’ - a criteria these platforms adopt.

Following the money

There’s no doubt that inflation is changing salary expectations. And for those in industries where movement and remote working is possible, many Australians are following the money.

Data from the Reserve Bank of Australia, shows organisations have reported higher rates of employees leaving to achieve higher pay packets as a way to provide temporary relief for  the rise in cost of living. Interestingly, this higher voluntary turnover was especially concentrated in professional services. 

In response to labour shortages, organisations are implementing a range of non-base wage strategies - e.g bonuses, flexible work practices, more internal training and hiring staff with less experience, as opposed to increasing base wages.

Australian Bureau of Statistics (ABS) figures also show Australians are taking on multiple jobs, as full-time work forces employees to juggle several roles to make ends meet. Although multiple job holding is more common in low-paid industries, a record high of 900,000 people held multiple jobs in the June quarter of 2022. 

This is an increase of 4.3 per cent from the previous quarter and is a reflection of wages growth stagnating and nominal wages barely keeping up with consumer prices. The result; people needing to work more hours to make ends meet. 

Using data insights from Pulsar, wages is one of the ‘most anticipated’ topics in this year’s Budget. The Wage Price Index (WPI) rose 0.7 per cent in the June quarter and 2.6 per cent over the year, which represented a substantial fall in real wages given inflation rose 6.1 per cent last quarter. 

Social media conversation around wages is evolving with other indicators suggesting wages are still climbing alongside extreme uncertainty surrounding global growth and rampant inflation. 

Will Australians see more dollars in their pocket after the Budget is handed down?

Australians taking action

With Australians taking a greater interest in living a sustainable lifestyle, the government and organisations are prompted to influence the lever of positive change and create actionable outcomes.

Despite a great deal of politicians pledging change, governments are often swayed by the media and public opinion which can derail policies wanting to address complex, longer-term challenges. Millennials and Gen Zs have long pushed to see societal and economic change. 

Results from the 10th Annual Deloitte Global 2022 Gen Z and Millennial Survey shows they are increasingly becoming more politically involved. These influential cohorts are progressively showing interest in political issues, and turning to social media to discuss their opinions. Moreover, they are consciously making calculated career decisions and spending their money with organisations who share the same values.

Social engagement shows left wing millennials are showing concern over the budget and economic issues, with Treasurer, Jim Chalmers gaining the most chatter. Similarly, baby boomers are equally vocal, using the same keywords as millennials but they also seek strong leadership and a strong economy.

For younger demographics, their interactions or relationships with organisations is dependent on the organisation's treatment of the environment, their policies on data privacy and their position on social and political issues. 

For governments, tackling environmental, economic and social issues and their impact requires a huge transformation across all sectors. Market forces alone will not solve the problem, and the onus is on governments to take a lead to meet the sustainability challenge. 

The October Federal Budget is an opportunity for the government to show they are the lever of change by creating actionable outcomes and a positive impact. Australians are concerned for the welfare of the country and previous governments have fallen short. 

The government promises to back clean energy and build new renewable infrastructure across the country, will they succeed or disappoint?

The Federal Budget can be an overwhelming time, with an abundance of promises and policies, it can be hard to stay on top of the latest news. We have a comprehensive range of political news services available to help you navigate the political media coverage at this October Federal Budget. Want to learn what’s being said at this Federal Budget?

Click here to start navigating the announcements that may impact your organisation.

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Australia’s infrastructure and population are constantly growing and as well as being a resilient economy, the expectations of quality infrastructure and connectivity for a better quality of life are increasing. Infrastructure also provides the opportunity for leading companies to finance, construct, own and operate infrastructure assets.

The issue in Australia - most of the infrastructure required to be built are in complex cities and are in highly urbanised environments and with this comes significant environmental issues, planning issues and community issues. It also means that solutions to these problems are expensive and developers and governments are finding it difficult to fund the expensive infrastructure projects. The rise in discussions around future cities has increased by 175 per cent with conversations being had around the Australian government improving productivity and liveability of the nation’s largest cities as they grow over the next 30 years.

In this whitepaper we explore the various infrastructures within Australia including transport, water, energy and telecommunications to understand their current status, the effects each sector is having on the environment and analyse the role media plays.

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Labor’s pledge to introduce real increases to the minimum wage is if it wins the Federal Election, and the simmering undercurrents of a cultural war, have been the standout campaign themes this week.

The determined pursuit of fairness has been a fixture of the Australian political landscape for decades, yet cultural wars are a newer phenomenon. The idiom of today suggests workers are competing with bosses and businesses who seek to keep to salaries as low as possible. The current atmosphere of business-bashing was first introduced by the Coalition, who targeted the unpopular banking sector with extra taxes. More recently, Labor have rejected the longstanding policy framework of a globally competitive economy, dynamic labour market, and lower taxes, in favour of a social safety net.

For weeks, Opposition Leader Bill Shorten has branded the upcoming election as a "referendum on wages", putting forward the simple argument that ‘‘no Australian working full-time should be living in poverty’’. Meanwhile, the Coalition is expected to announce another round of income tax cuts ahead of the Budget.

Unions have also chimed in, with the Australian Council of Trade Unions calling for a $73 a week increase to the minimum wage over two years in the pursuit of a “living wage”. Labor quickly distanced itself from the Trade Union’s push, suggesting the final verdict should instead come from the Fair Work Commission. The core assumption for the Commission will be that the current hourly rate of $18.93 must rise – however Labor is yet to reveal any guidelines detailing how this increase would be assessed.

Unsurprisingly, the Council of Small Business of Australia pushed back, stating increased wages would force more businesses to incur payroll tax, and consequently be forced to look at ways to absorb costs; either through increased prices or cutting workers’ hours. Similar sentiments were voiced by Prime Minister Scott Morrison, who accused Labor of engaging in the politics of envy, and warning that Bill Shorten’s plans would result in the dismissal of many workers.

Most recently, the Australian Industry Group proposed a 2 per cent increase to keep wages in line with inflation, meaning the 2.23 million Australians earning $19 an hour would see just enough extra cash in their pay packets to buy an upsized meal at McDonald’s.

If the next Federal Election is truly a referendum on wages, the key question for voters should be; Are the market determined rates fair and just, or should the government intervene?

Visit www.isentia.com/your-insight-into-the-federal-election for more information or get in touch with our team to discuss your needs.

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The Federal Election has been announced and with 33 days of campaigning we thought it would be interesting to compare the number of mentions of the political parties over the past 2 weeks. Analysis from our media intelligence has given insight into Labor having a larger volume of media coverage across all media types in comparison to other political parties.

Examining coverage, we found the ‘Election’ had been the subject of over 33,000 media items and online being the preferred media type.

In terms of political parties, Labor has had a significant number of mentions of broadcast coverage whereas the Coalition had more mentions across more traditional media such as print, during the two-week period. Overall, Labor has had a decent lead over the Coalition in the number of mentions across broadcast, online and print combined during this time.

Interestingly, social mentions over Twitter, Facebook and YouTube were more prominent with individual parliamentarians rather than mentions of political parties. These items mentioned more controversial statements or social ‘worthy’ statements which generated these mentions.

It was found the Coalition had considerably more social mentions over Labor when searching for the parliamentarian’s name or their handle. One Nation were also in the mix, with more social mentions compared to the Greens and the Nationals combined.

With the data analysis we have uncovered, could this be insight into who will win the election on May 18?

If you would like to keep up-to-date for the remainder of the Federal Election campaign, our exclusive Federal Election briefing can ensure you're across all campaign announcements, funding commitments, policy updates and polling figures. If you would like to learn more about this service, get in touch with our team to discuss your needs.

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