RSM surveyed 139 individuals across Australia to learn more about their priorities and expectations regarding the upcoming 2024-25 Australian Federal Budget. The survey findings provide a snapshot of the current economic concerns of Australians, and the results indicate that many people are struggling with the cost of living and retirement savings.

  • 57% of respondents believe that they will struggle to retire. Only 11.88% of respondents reported feeling very confident in their ability to retire comfortably with their current superannuation savings. This suggests that many Australians feel uncertain about their financial future.
  • An overwhelming 71% of respondents believe that the May Federal Budget should include subsidies to manage aged care costs, highlighting the importance of supporting the elderly in the community. 
  • Regarding the cost of living, the survey found that rising costs of utilities were perceived as the most significant burden, with 27% of respondents desiring support for healthcare expenses in the form of further bulk billing services and Medicare rebates. 14% would like to see more rental support to help with housing costs, indicating the difficulties many Australians face in affording housing. Interestingly, 10% of respondents had other reasons, with the most common write-in responses requesting help with groceries or additional support for pensioners.
  • When asked about how they would use the extra cash they may receive from the Stage 3 tax cuts, almost 60% of those surveyed said they would use it to help offset the increased cost-of-living pressures, indicating the pressing need for financial relief.

The survey responses regarding Australia's deepening housing crisis were mixed. The majority of respondents (31%) believe abolishing negative gearing would be the most effective way to resolve the issue, suggesting that Australians' views on negative gearing have shifted since the 2019 Federal Election. Meanwhile, 24% of respondents support imposing caps on rental increases, indicating the need for measures to address the affordability of housing.