Tom Elliott says new figures prove there’s a “serious problem” when it comes to the cost of living crisis gripping Australia at the moment.

In one survey of small and medium businesses, 28 per cent of them said customers were opting to buy fewer products and services, while others were looking at cheaper alternatives of the same product.

“I think we have a serious problem here,” Tom said on 3AW Mornings.

Click PLAY to hear Tom Elliott’s full comments on the cost of living crisis on 3AW 

“People are looking at how everything costs and cutting back.”