And looking ahead, three in five experts expect cost-of-living pressures to get worse over the next six months. It comes down to one word: crisis Much of the disagreement comes down to how you define “crisis”. So Australia does not have a crisis in the cost of living.” “Australia is still experiencing a cost-of-living crisis, with housing and services inflation remaining persistently high,” Raghavan said. Experts aren’t expecting much relief Whatever they call the current situation, the experts aren’t particularly confident about what comes next.