Melbourne

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But just under the surface there are signs of financial stress everywhere, raising questions over how long people can hang on in an environment of elevated interest rates and high living costs.

Australia’s major lenders recently reported modest levels of loan defaults and home repossessions, prompting upbeat commentary about the plight of households.

Peter Swan, professor of banking and finance at the University of NSW, said that more forward-looking data suggested households were already under significant strain, resulting in a sharp decrease in spending that was rattling consumer-facing businesses such as cafes and restaurants.

Data from the Australian Securities and Investments Commission shows that Australia is on track to record decade-high numbers of collapsed businesses by the end of the financial year, led by the building and food services sectors.

Growing angst about generational wealth inequality is linked to the rise in asset prices enjoyed by older households that has left younger cohorts behind, according to AMP.

“High wealth inequality is an issue because if it dampens living standards across generations it can cause resentment and social instability,” Diana Mousina, AMP’s deputy chief economist, said.

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