Bank’s research confirms what we already knew – nothing beats living in Qld
The National Australia Bank has awarded Queensland the title of the happiest state in Australia.
Older Queenslanders were found to be among Australia's happiest. (File image)
The bank’s wellbeing index found that the happiest person in the country was someone over the age of 65, living in Queensland, who owned their own home and had a pet.
Despite a lot of economic pressures like low wages and spiralling inflation as well as the prospect of another interest rate hike by the Reserve Bank tomorrow, the NAB report found that Australians “are generally experiencing increased wellbeing and are noticeably less anxious compared to three months ago”.
The bank also released a report last week showing there had been a sharp uptick in the number of Australians who believed now was a good time to buy a home (23 per cent, up from 18 per cent in the second quarter). Sentiment around buying an investment property was basically unchanged at 21 per cent.
The latest survey also found that expected wage increases were among the reasons for the improved wellbeing outlook. Those surveyed had also reduced their debt in the past three months, which would surprise many because of the increases in mortgages, food costs and energy bills in that time.
That increase in the cost of living showed up as the biggest cause of stress for about half of those surveyed, followed by health issues, personal finance issues, mental health and the economy.
Aspirations to save money had also increased and were particularly high among younger women.
Australians living in rural areas had the highest wellbeing, but they were only marginally ahead of their city-based counterparts.
In the capitals, a third of people said the feeling of being part of a community was a key benefit whereas in the regions a third said the environment contributed to their wellbeing.
NAB executive Mark Bayliss said the laidback lifestyle of Queensland may be among the reasons why it was the happiest state.
The survey also found that 60 per cent of Australians believed pets had a positive impact on their wellbeing.
It found that age and the stage of life were a key factor.
“Personal safety and physical health are key drivers of wellbeing for 18 to 29 year olds while for those 65-plus it’s most commonly about the standard of living and the home they live in,” the NAB said.
