Australian Securities & Investments Commission launches Moneysmart cost of living hub as survey shows limited budgeting despite widespread cost pressures

The Australian Securities & Investments Commission, through Moneysmart, has launched a new cost-of-living hub that brings together budgeting guidance, tools and information, and is urging Australians to use its free Budget Planner as the new financial year begins. The main message is that a basic budget can help households respond to cost pressures by showing where income is going, where spending can be adjusted and how trade-offs in discretionary spending can free up money for essentials or savings. The update is backed by ASIC-commissioned YouGov research showing that many Australians are changing their financial behaviour because of living-cost pressures, but comparatively few have prepared a budget. Among respondents aged 18 to 28, 91% have done or plan to do something in response to higher costs, but 39% have done a budget. Among those aged 29 and older, 82% report taking some action, while 32% have done a budget. Women were more likely than men to budget, particularly in Gen Z, where the figures were 45% for women and 34% for men. The Budget Planner allows users to enter income and expenses, choose weekly, fortnightly or monthly budgeting, view spending by category, and save, print or update their budget, including through an Excel version.