Living Cost Crisis Triggers Record 100,000 Financial Complaints

Published on January 9, 2024

The double whammy of rising living costs and interest rate hikes has caused more Australians to file complaints against financial institutions in the 2022-2023 financial year. According to the latest data from the Australian Financial Complaints Authority (AFCA), consumers and small businesses escalated 102,790 complaints to the organisation during the period, or one complaint per two minutes, as they could not settle disputes with their financial firms. This figure represented a 23 percent increase compared to the previous year. Scam reports soared 95 percent to 8,987, and complaints about financial hardship jumped 29 percent to 5,396. Concerns About the Surge in Complaints AFCA chief ombudsman and executive David Locke said the sharp rise in the number of complaints received posed a challenge for his organisation....

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