The soaring cost of living and personal debt is the number one threat to Australian mental health for the first time as the nation braces for another interest rate rise.
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Forty per cent of Australians feel more distressed over finances compared with last year, Suicide Prevention Australia's annual State of the Nation report reveals.
It is the first time economic stress has overtaken social issues such as drugs, loneliness and family breakdown as the primary cause of self-harm.
The report also shows women were more vulnerable to cost of living pressure at 44 per cent compared to 36 per cent of men.
The rise in financial stress coincides with surging demand for suicide prevention services over the same 12-month period, Suicide Prevention Australia CEO Nieves Murray says.
The annual report will be released on Tuesday at Parliament House ahead of World Suicide Prevention Day on Saturday.
Ms Murray said it was important to remember suicide was complex and often due to multiple factors, such as mental ill-health, relationship breakdown, housing and job security, financial hardship, social isolation, retirement or alcohol and other drugs.
"The issue of cost-of-living and personal debt is ranked the biggest risk to rising suicide rates over the next 12 months," she said.
"This is higher than previous years and is the first time an economic issue has overtaken social issues like drugs, loneliness and family breakdown."
Ms Murray said it was positive to see more Australians seeking help. Still, she warned further economic turbulence could prove challenging, calling for more funding and commitment to a National Suicide Prevention Act.
"A National Suicide Prevention Act will ensure we get towards zero suicides faster by ensuring every government minister is aware, and prepared, for the human impact of their policy decisions," she said.
"Australians are increasingly aware of suicide risks and active in their prevention. They clearly want increased action from their federal government."
Suicide Prevention Australia joined more than 40 prominent organisations and individuals - including RUOK?, yourtown, Wesley Mission, ReachOut, Mates in Construction and Batyr - in an open letter delivered to Prime Minister Anthony Albanese and all federal MPs.
"Every life lost to suicide is a tragedy and the impact spreads across families, schools, workplace, sporting clubs and community groups," Ms Murray said.
"For those feeling distress, help is available and it's important to reach out and seek support."
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Australian Associated Press
