Queensland budgets struggling under COVID-19 burden

New data has revealed 80 percent of Queenslanders need to overhaul their household budget if they’re to survive the economic pressure of the COVID-19 pandemic, prompting advice from RACQ Bank on the best ways to tackle the period ahead.
Piggy bank with coins
RACQ spokesperson Lucinda Ross said member research showed Queenslanders continued to feel the brunt of the ongoing economic challenges, with most having to review and cut back on their household expenses to get by.

“More than 40 percent of our members say their income has been impacted by COVID-19 and they’re most concerned about managing their home loan repayments,” Ms Ross said.

“These are really worrying stats because we know the financial impact of this crisis will last much longer than community restrictions.

“For many of us, if we lost our job or lost hours, just a few weeks without our regular income can put us back months in our mortgage repayments.”

Ms Ross said the research also revealed concerns about superannuation, investments and household debt rated as the top issues which kept Queenslanders awake at night.

“We’ve seen huge changes in global markets which is understandably making many anxious about how safe or secure their retirement savings are,” she said.

“With added pressure on household budgets, some families are starting to struggle with mounting debt. It’s really important right now no one makes financial decisions in a rushed manner.

"If you’re struggling to meet your repayments or are worried about your circumstances, reach out to your lender, superannuation fund, financial advisor or contact the National Debt Helpline - a free service for all Australians available on 1800 007 007.”

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The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.