Skip to content
General News

Financial distress is escalating, yet we are witnessing another rate hike

RMIT University < 1 mins read

An RMIT expert says more people are having to choose between their health and mortgage repayments with no end in sight for cost-of-living pressures. 

Nataliya Ilyushina, Research Fellow, Blockchain Innovation Hub 

Topics: RBA, economy, cost of living, health care 

Since the onset of the rate-hike cycle two years ago, a mortgage holder with a debt of $750,000 is now facing an additional $1,800 per month compared to what they were paying two years prior. 

Australians are currently experiencing greater financial hardship than at any point during the COVID-19 pandemic.  

The Australian Institute of Health and Welfare has disclosed that 20.2% of Australians are struggling considerably to manage on their present income, a percentage surpassing any recorded during the COVID pandemic. 

Financial stress is one of the most severe mental distresses, compared in magnitude with the effect of the death of a relative.  

A recent survey reported that the main way people are coping with increased mortgage repayments and other cost of living pressures is giving up private health insurance.  

The decision between looking after their health and paying the bills is a clear indicator that families are now struggling with essentials. 

Dr Nataliya Ilyushina is a Research Fellow with the RMIT Blockchain Innovation Hub and ARC Centre of Excellence for Automated Decision-Making and Society. Her current research focuses on decentralised autonomous organisations (DAOs), labour markets, and skills. 

Contact details:


Interviews: Nataliya Ilyushina0433 737 594 or  


General media enquiries: RMIT External Affairs and Media, 0439 704 077 or

More from this category

  • General News, Medical Health Aged Care
  • 22/05/2024
  • 17:00
Allergy & Anaphylaxis Australia and the National Allergy Council


Food Allergy Week 26 May – 1 June 2024 22 May 2024: Experts have called for mandatory allergy training of food service staff, urging regulators to treat food allergen management as seriously as the responsible service of alcohol. The push by Allergy & Anaphylaxis Australia (A&AA) and the National Allergy Council follows the results of two new surveys that highlight gaps in food allergen management and confidence in the system. The National Allergy Council survey found only a third of food service staff surveyed always asked customers if they had a food allergy and 50% didn’t feel confident in answering…

  • General News
  • 22/05/2024
  • 12:00
eSafety Commissioner

2 million learners and counting: seniors choose to Be Connected online

Older Australians are continuing to expand their digital skills as the Australian Government’s Be Connected program marks its two millionth learner – and it’s showing no signs of slowing down. Be Connected steps learners through cyber safety essentials and builds technical skills through easy-to-understand courses on topics like online banking, shopping and connecting with others online, helping many make the most out of getting online and staying connected with friends and family. The program’s success is underpinned by a productive partnership combining both online and in-person help to ensure that no matter someone’s digital skill level, they are supported in…

  • General News, Mental Health
  • 22/05/2024
  • 11:31
Monash University

Monash experts: World Schizophrenia Awareness Day 2024

Friday 24 May is World Schizophrenia Awareness Day, an annual day dedicated to raising awareness of the severe mental health condition that affects over…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.