What happens when the Interest Rate goes up?
The Foodbank Hunger Report 2023, revealed 35 percent of all mortgage holders and half of all renters experienced food insecurity in the past 12 months.
On the first Tuesday of every month, like many Australians across the country, we at Foodbank wait bated breath to see if the Reserve Bank of Australia will increase the Cash Rate or not. Why? Every time the decision is made to increase the Cash Rate, we see an increase in the number of people searching for food relief. This isn’t coincidence. It’s cause and effect.
Foodbank ‘Find Food’ Searched Against Cash Rate
With every Cash Rate or interest rate rise, we know the number of clicks on our Find Food button goes up.
The Find Food button takes you to Food Relief providers in your local community. It is often the first step for many who are struggling to put food on the table.
We have been tracking the hits to this very vital button against the monthly Cash Rate announcements since August 2022, and it’s plain to see there is a scary correlation of Australians sourcing food relief when that rate rise is announced.
Food is the pressure valve for many household budgets. It is often the first item people cut back on when trying to make ends meet, with 94 percent of those hurting coped through shifting spend on food and groceries.
If you or someone you know needs food relief, please don’t delay and hit that Find Food button.