Australians are reportedly overspending on various subscription services, with a significant portion paying for services they do not actively use. This trend is highlighted by individual cases and broader national data.
Key Findings
- Perth resident Ellie Grace was found to be paying nearly $200 annually for an unused online audiobook subscription. This amount was part of over $4000 spent yearly on multiple streaming services, a gym membership, and a mobile plan.
- Deloitte data indicates that Australians are now spending a record average of $78 per month on subscriptions, an increase from $63 in 2024.
- Bankwest figures reveal that almost 50 percent of its customers reported paying for subscriptions they were not actively using.
- Ms. Grace has since cancelled several subscriptions, including her Audible account, resulting in approximately $700 in annual savings. She now maintains only two streaming service subscriptions.
Industry Response
Bankwest plans to launch a new feature in its app next month. This feature will allow customers to view and track all their subscriptions in a single location, aiming to help manage subscription spending more effectively.