Australians are using their newly developed "budgeting muscle" to control their cost of living and adjust to changing price pressures.

Australians feel more prepared to handle the rising cost of living, according to new data from NAB, despite recent increases in gas and grocery prices.

Australians are prioritising their spending and managing in their own ways, according to Rachel Slade, Executive, NAB Personal Banking Group.

Despite rising petrol and grocery prices during the past three months, new data from NAB shows Australians are feeling better placed to manage the increased cost of living.

NAB Personal Banking Group Executive Rachel Slade said Australians were using their newfound resilience to reprioritise their spending and manage in their own way.

“Australians are now flexing their personal budgeting muscle to manage shifting price pressures,” Ms Slade said.

“There is no doubt the past 12 months have been tough, but we’ve seen Australians build their resilience and they are telling us they feel better prepared to adapt by reprioritising their spending.”

“Australians continue to reprioritise spending according to what they value personally. Many Aussies adjusted budgets to cheer on the Matildas in the stadium or treat themselves to a trip away for the school holidays – even if it meant they had to scale back their original plans,” Ms Slade said.

NAB has reached out to more than half a million customers since May last year to check on their financial wellbeing during a period of higher interest rates and a rising cost of living.

“We’re really pleased with how our customers are going but averages can mask the story on the edges or at an individual level where people might be feeling the pinch a bit more,” Ms Slade added.

“We’ve proactively reached out to more than half a million customers to check on their financial wellbeing, offer targeted, one-on-one help if they need it and ensure they feel well supported.

“For those who are concerned about their financial situation, get in touch with your bank as soon as you can. The earlier you reach out, the better. At NAB, more than 90% of customers who get in touch with our NAB Assist team are back on their feet financially within 90 days.”

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