Canberrans weigh up cost of living and pet ownership as another rate hike looms
ACT businesses are grappling with the rising cost of staying open. Meanwhile, consumers are counting every dollar they spend, with some giving up companion animals they can no longer afford.
Canberra's small businesses and consumers are bracing for the impact of another Reserve Bank of Australia interest rate hike, which is expected next week. The Canberra Business Chamber warns that these hikes, coupled with property rate increases, will be particularly challenging for local businesses. Business sentiment in the territory is currently at its lowest point, with the chamber's CEO, Greg Harford, expressing concern over mounting pressures on both businesses and households.
Rising fuel prices, due to the Middle East conflict and Australia's tight labor market, have made Canberra the most expensive capital city for fuel, according to Harford. Small businesses are grappling with increased costs for running their operations, alongside the rising cost of living, as consumers cut back on spending. The looming expansion of portable long service leave in the hospitality and retail sectors may further increase expenses for businesses, which are already struggling with thin profit margins.
Meanwhile, animal shelters are witnessing a surge in companion animal surrenders, largely attributed to the rising cost of living in Canberra.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
