Cost of living, debt sees stress spiral

Yasmine Raso

Senior Journalist, Financial Newswire

6 September 2022

The results of Suicide Prevention Australia’s latest annual State of the Nation report has revealed 40 per cent of Australians are experiencing higher levels of stress due to rising cost of living and personal debt, compared to this time last year.

The survey showed 70 per cent of Australians felt more distressed than normal when compared to this time last year, with cost of living and personal debt considered a stressor more for women (44 per cent) than men (36 per cent).

This comes as Australia expects another rate hike and the latest State of the Nation in Suicide Prevention report is released at an event at Parliament House today, ahead of World Suicide Prevention Day on Saturday.

“Feeding the family and keeping a roof over our heads are two of the most basic human behaviours. While inflation and interest rates keep rising, we must be prepared and proactive to prevent mental distress and suicide rates from doing the same,” Nieves Murray, Suicide Prevention Australia chief executive, said.

“For example, the issue of cost-of-living and personal debt is ranked the biggest risk to rising suicide rates over the next 12 months both by the public (68%) and by the suicide prevention sector (74%).

“This is higher than previous years and is the first time an economic issue has overtaken social issues like drugs, loneliness and family breakdown.

“Women account for the vast majority of suicide attempts overall while it’s well documented most suicide deaths are men.

“We can’t afford to ‘wait and see’ if rates increase before legislating an accountable National Suicide Prevention Act, particularly when both the public (79%) and the sector (75%) back it.”

Australian states have showed strong support for the introduction of a Suicide Prevention Act, especially after Japan’s suicide fatalities rate fell by 40 per cent in the 15 years since it introduced the 2006 Basic Act for Suicide Prevention and the number of suicides around the country reached a 40-year low in 2019.

“The Federal Government is ultimately responsible for the nation’s economic and social policy settings – and performance,” Murray said.

“A National Suicide Prevention Act will ensure we get towards zero suicides faster by ensuring every government minister is aware – and prepared – for the human impact of their policy decisions.

“Australians are increasingly aware of suicide risks and active in their prevention. They clearly want increased action from their Federal Government.”