Australians Lose More to Gambling Than Aged Care Funding
A recent report has revealed that Australians are losing more money to gambling each year than the federal government spends on aged care and almost as much as it allocates to the National Disability Insurance Scheme (NDIS).
LISTEN TO THIS ARTICLE:The study, conducted by Equity Economics, found that despite rising financial pressures, gambling losses have continued to grow. The report highlights that gambling expenses in Australia have increased at a faster rate than spending on education, housing, and inflation.
The report described gambling losses as a “black hole” in household budgets and while it acknowledged that the government has taken action in response to the cost-of-living crisis, it argued there is a “complete policy vacuum” when it comes to addressing the financial strain caused by gambling.
Gambling Losses Surpass Aged Care Budget
The report estimates that Australians lose $31.5 billion annually to gambling. For comparison, the federal government spends $28.3 billion on aged care each year and $35.2 billion on the NDIS.
Contrary to expectations, gambling expenditure relative to household spending has not decreased amidst the cost-of-living crisis. Instead, it has continued to rise year after year, rebounding from the temporary decline caused by COVID-19 venue closures and returning to pre-pandemic levels. Lower-income households are particularly vulnerable, as the rising cost of essential goods and services further squeezes already tight budgets, leaving even less room for unexpected expenses, emergencies, or discretionary spending.
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Further Government Intervention Needed
Commissioned by the Alliance for Gambling Reform and Wesley Mission, both long-time advocates for stricter gambling regulations, the report serves as further evidence that government intervention is needed.
The Alliance’s chief executive, Martin Thomas, believes that gambling is often overlooked as a cost-of-living burden. As such, he argues that reform, such as banning gambling advertising, would be a non-inflationary, low-cost way of bringing relief to families.
The Equity Economics report concluded that gambling disproportionately harms households that can least afford it and said that there is a “clear need” for greater government intervention in order to counter the public health risks it poses.
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