In a stark reflection of the rising cost of living, a new survey has revealed that Australian households now need to earn more than double the median full-time salary to feel financially "comfortable".
According to data released by employment platform Indeed, the average household would need an annual income of $164,403 just to cover basic needs, while nearly a third of respondents said they would need to earn over $200,000 per year to feel truly at ease with their finances.
This comes amid growing concerns as wages continue to fall behind inflation. Australia's current median annual full-time salary stands at $88,400, and the average is $102,742, highlighting a growing income gap for everyday Australians.
The study revealed three in five Australian workers are struggling to get by on their current salary. Those in single-income households face even greater pressure, needing around $126,278 annually to cover essentials.
The younger generation is feeling the pinch the hardest. Around 70 per cent of Australians aged 18–24 believe their current wage isn't sufficient to cover day-to-day expenses—significantly above the national average of 60 per cent.
A Yahoo Finance poll of over 9,000 readers echoed similar concerns, with 25 per cent stating that a salary over $200,000 is now necessary to live comfortably in today’s economy.
This revelation sheds light on the broader economic challenge for Australians, as housing, fuel, groceries, and healthcare costs continue to climb, outpacing wage growth.
