Likelihood of rate cuts is raising hope of grocery cost pressures reducing

ABC NEWS (Australia)

As the demand for food relief continues to affect households across the country, the likelihood of rate cuts is raising hopes that grocery cost pressures will reduce.

Transcript

00:00I'm in Hindmarsh in Adelaide's inner west and I'm standing inside the city's first free

00:06supermarket which opened about six months ago in a bid to ease cost of living for people

00:12in need as well as reduce food waste at the same time.

00:16This Oz Harvest grocery offers fresh produce, pantry items as well as cooked meals rescued

00:23from local businesses.

00:24With cost of living pressures continuing to affect many Australians, food insecurity has

00:29become extremely widespread across the country.

00:33Foodbank's hunger report last year found 3.4 million Australian households are experiencing

00:38food insecurity, including 2 million who are experiencing severe food insecurity.

00:44This means they skipped meals or ate less simply because they couldn't afford enough

00:48food.

00:49I spoke to Adelaide's Oz Harvest manager Rachel Hibble on ABC News Breakfast this morning

00:55who says demand for food relief has been higher than ever before.

00:59You'll see in the line out there now as people are lining up, you name it, as in the line

01:04people with suits, young tradesmen, young families, single mothers, there's not the

01:09original cohort that you know people may have thought are seeking food relief.

01:13The likelihood of a rate cut is raising hopes among mortgage holders that high interest

01:18repayments will finally start to unwind and according to Foodbank around 30% of mortgage

01:24households in South Australia alone have been food insecure in the past year.

01:29So it's no doubt the Reserve Bank's decision will provide some financial relief to those

01:34people but of course for people who need help the most this decision will have little impact

01:39and many believe that food insecurity still needs to be addressed at a national level.

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