The Reserve Bank is tipped to cut interest rates when it meets tomorrow. In the marginal Tasmanian electorate of Lyons, close to three quarters of the local community are under mortgage stress. For those struggling to make ends meet, cost of living relief policies are likely to be key vote deciders in the upcoming federal election.
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00:00Mia McShane is a single working mum, struggling with the cost of her mortgage.
00:08Keeping her home is her number one financial priority.
00:13What do we give up?
00:14Is it less food or is it not using the car and just trying to find ways of paying that
00:21non-negotiable mortgage?
00:24She's hoping for some relief when the RBA announces a decision on interest rates.
00:29I just think a hold is a win at the moment.
00:32Obviously a decrease would be amazing because even if it's $10 more a week it will make
00:37a huge difference.
00:39Mia lives in the Tasmanian electorate of Lyons.
00:42It's held by Labor with a margin of less than 1%.
00:46A recent Four Corners investigation found it's one of many electorates around Australia
00:51experiencing high rates of financial strain.
00:5573% of people who live here are under mortgage stress.
01:00When we asked people what their aspirations for 2025 were, their response was survival.
01:07Nearly half of Tasmanians surveyed reported being extremely or moderately concerned about
01:13interest rates.
01:14Cost of living remains the top issue of concern for voters.
01:18Those areas and health costs are really front of mind for Tasmanians now as we enter into
01:25a federal election.
01:27As federal candidates start door knocking homes in areas like this, they'll be meeting
01:32many families under financial stress who'll be wanting to know what they'll do if elected
01:38to help ease the pressure they're under.
01:41Finances will guide where my vote will go.
01:44It's a sentiment likely to be driving many decisions at the ballot box.