Consumers are mincemeat, but the RBA keeps raising the heat

October 29, 2026 — 3:24pm

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If you hadn’t guessed already, Australia’s top retailers can confirm we’re all doing it pretty tough at the moment.

On Wednesday, Woolies boss Amanda Bardwell told investors that despite a drop in the average price of the supermarket’s groceries, customers are shopping around more keenly than ever and only showing loyalty to the cheapest deal.

“The amount of pressure on young families, particularly, and families more broadly is increasing,” Bardwell says.

Mince has never been more popular – Woolies’ sales are up significantly – as families try to keep their bellies full on cheaper protein.

It looks like the soaring price of lamb chops and steak will be the proverbial barbecue stopper this summer.

But it’s more sobering than that, with the news this week that food insecurity is a reality in middle-income families. One in three households are going hungry as the cost-of-living crisis bites, a Foodbank survey has found.

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© The Age