RECORD FINANCIAL COMPLAINTS ANOTHER WARNING ON COST-OF-LIVING CRISIS
SENATOR DEAN SMITH SHADOW ASSISTANT MINISTER TO THE SHADOW TREASURER SHADOW ASSISTANT MINISTER FOR THE COST OF LIVING LIBERAL SENATOR FOR WESTERN AUSTRALIA 26 October 2026 MEDIA RELEASE RECORD FINANCIAL COMPLAINTS ANOTHER WARNING ON COST-OF-LIVING CRISIS A record number of financial complaints is further evidence of the growing pressure on Australian households struggling with the cost-of-living crisis. The Australian Financial Complaints Authority (AFCA) received almost 120,000 complaints from consumers and small businesses in 2025–26 — the highest number in its history. Complaints increased across every industry, with banking and finance disputes accounting for 66,971 complaints and general insurance complaints reaching 36,022. Of particular concern, financial difficulty complaints jumped 17 per cent to 5,566, while superannuation complaints surged 42 per cent to 8,755. AFCA itself warned that consumers and small businesses continue to feel the effects of cost-of-living pressures and financial uncertainty, with complaints already increasing again in the first quarter of 2026–27. The figures provide another warning that financial pressure on Australian households is continuing to intensify. Quotes attributable to Senator Dean Smith: “Almost 120,000 financial complaints in a single year is another disturbing measure of the financial pressure Australians are facing.” “Of particular concern is the 17 per cent increase in financial difficulty complaints. More Australians are turning to their banks and financial institutions for help because household budgets simply aren’t stretching far enough.” “Families are being squeezed by higher mortgage repayments, rents, insurance, groceries and energy bills, and these pressures are increasingly showing up across the financial system.” “After more than four years of Labor, the cost-of-living crisis is not going away — for too many Australians, it is getting worse.”