Relentless cost-of-living pressure, rising interest rates, uncertainty about the direction of the economy and growing concern about inequality has undermined Australia’s sense of social cohesion, according to authoritative new research.
After a polarising voice referendum campaign and amid rising community tensions over the war in the Middle East, the latest Mapping Social Cohesion Report puts the Scanlon-Monash Index of Social Cohesion at its lowest ebb since the survey began 16 years ago.
The social cohesion index provides a barometer of social wellbeing, measuring belonging, worth, participation, acceptance and rejection, social inclusion and justice. The measure declined by four points over the past 12 months, hitting the lowest result on record. Since November 2020 – the peak of social cohesion recorded during the Covid-19 pandemic – the index has plummeted 13 points.
I’m not an Aussie, but 3 years ago, things were truly looking up. I was just getting financially where I needed to be to buy a home, had gotten a few promotions, and was genuinely excited about prospects in life. Covid killed all of that. My payment today would be $2500 higher than it would have bought back then. That money is not in the budget. Housing skyrocketed to a point where I don’t think I will ever afford a home. Then interest rates went sky high, and prices of homes didn’t move a bit. That killed a lot of my ambition to work as hard, and care as much about my career. At this point, why even try? I’ll just get by til my boomer Mom passes away and move into her house when /if that ever happens. I’d need like a 50% salary boost to get back the buying power I had 3 years ago. I just don’t care anymore.