Aussies slash spending as mortgage crisis spreads beyond housing market

Australians are cutting back on groceries, skipping medical appointments and turning to credit to make ends meet as the housing affordability crisis spills into the wider economy. New research reveals the financial squeeze is no longer confined to mortgage repayments, with struggling households tightening their belts and businesses across hospitality, retail and construction feeling the pain. Experian’s latest Housing Pressure Report found 43 per cent of Australians surveyed had reduced spending on dining out and takeaway food, while almost one third had cut their grocery bills. The cost of living is taking its toll on Australian households. More alarmingly, 18.7 per cent had delayed healthcare or dental treatment, while one in five sometimes or regularly relied on savings or credit to get through the month. And with interest rates and essential living costs squeezing household budgets, the fallout is spreading to businesses. Trading at pubs and bars fell 1.5 per cent in real terms over the year to June, while cinemas recorded a 2.4 per cent decline. Clothing, footwear and accessories retailers were among the hardest hit, with trading down 3.4 per cent. .Interest rates and essentia...