The report, which studies wellbeing across the nation, reveals that one in three Australians say they are extremely happy — the highest rating since 2018.
NAB executive for regional and agribusiness Julie Rynski said the findings helped explain why so many Australians were making the move from the city to greener pastures.
“This research absolutely reflects what we are seeing and hearing from people in rural communities across Australia,” she said.
“The pandemic has clearly given people a reason to reassess their life priorities, with many opting for a green change that is paying dividends in terms of their happiness and overall wellbeing.”
NAB’s research also tracks consumer stress and shows that those living in regional cities and in rural areas consistently report significantly lower stress than those in capital cities.
Economically, regional Australians have emerged from the pandemic with a growing population driven by business opportunities and career transitions, personal and family reasons, health and lifestyle, and a desire for affordable housing.
Ms Rynski said labour shortages were a global problem and regional areas were calling out for more professional and personal services, accountants, tradespeople, health professionals, teachers and casual workers.
On the plus side, regional Australians are less concerned about their job security and have more confidence to invest in their businesses.
Strong harvests and booming commodity markets have driven an uplift in agriculture but the headwinds of input costs such as such as fuel and fertiliser are a drag on the sector.
Ms Rynski said new technologies and remote working had provided people with the choice to work where they wanted to live rather than having to live where they worked.
“More people moving to regional areas means more investment in local schools, transport and hospitals and more support for regional communities and businesses — this is great news for the regions,” Ms Rynski said.
“If this trend continues, it will promote more diversified regional economies and help balance growth right across Australia.”
The NAB report said a number of rural and regional businesses that relied on temporary visa holders had struggled following the closure of international borders, and housing affordability had also become an issue, with some regional areas facing significant land use and infrastructure planning challenges.
For the first time NAB surveyed consumer sentiment and found while demand and supply chain issues had impacted prices across the country, regional and rural Australians were less concerned about increases in groceries, utilities and mortgage repayments, but were concerned about fuel and transport costs.
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