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Life satisfaction among Australians is lower than at the height of the pandemic, as financial pressures and housing costs squeeze people in their 20s, 30s and 40s. Anthony Albanese admits the cost of living has contributed to the fragmentation of the country’s politics.

The research, made public this morning by consultancy KPMG, shows that life satisfaction, a measure that tracks whether a person is happy with their situation, is now significantly lower than in the mid-2010s across all age groups, but nosedives among people facing the biggest financial hit.

While the majority of people struggle to come up with $2,000 in an emergency, this is a key indicator of financial stress. Household wealth levels have stagnated since the beginning of the decade.

KPMG urban economist Terry Rawnsley said unlike during the pandemic, when many Australians’ income levels were boosted by government programs such as JobKeeper and ultra-low interest rates, people today were under constant financial pressure.

“These factors have left many average Australians in a precarious financial situation for much of the last five years and are undoubtedly affecting how they feel about their lives,” he said.