Queenslanders urged to put finances first during recession

RACQ spokesperson Lucinda Ross said today’s news was unsurprising given the economic challenges the nation has faced this year.

“We were already due for a correction at the start of 2020, and unfortunately the COVID-19 pandemic has only accelerated this,” Ms Ross said.

“The Treasurer’s announcement today means anyone who hasn’t yet taken the time to review their finances needs to put it at the top of their priority list.

“Whether you’re employed, unemployed or are utilising Federal Government relief schemes, it’s important you take a serious look at your income and expenses.”

Ms Ross said Queenslanders could take a few simple steps to gain control over their finances in these tough times.

“Sit down and go through your budget and cut out any unnecessary expenses, like streaming services you might not use, or a gym membership you’ve stopped using,” she said.

“We’ve surveyed Queenslanders on this, and 40 percent say their incomes have changed as a result of the pandemic, so we really need to shop around for the best deals to do what we can to claw back some control. Little things like comparing prices when shopping for various products at the supermarket or grocer helps, and you should also call your phone, electricity, internet and power providers to make sure you’re getting the best deal possible.

“If you’re part of the 39 percent of Queenslanders finding it hard to manage loan repayments or debt, reach out to your lender or the National Debt Helpline to help make the right choice for your family.”

For more information on managing finances during a recession, visit RACQ’s Financial Wellbeing hub.