80 percent of Queenslanders must overhaul budget to survive COVID crisis

New data has revealed nearly half of Queenslanders are in financial pain due to the coronavirus crisis.

According to the RACQ, 80 percent of us need to overhaul household budgets if we’re to make it through the coming months, with almost half experiencing income issues.

It’s prompted advice from the state’s peak motoring body on the best way to tackle expenses.


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RACQ spokesperson Lucinda Ross says member research shows most of the Queenslanders affected are having to review and cut back on their household costs.

“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.

“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 shows that many Queenslanders are concerned about superannuation, investments and household debt.

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

“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,” Ms Ross said.

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