Yahoo Finance: A council has refused to be the 'credit card' for residents suffering in the cost-of-living crisis.

When people think of Sydney's Northern Beaches, a sea-side playground for the wealthy may come to mind. So, when you hear the council rates are going up by almost 40 per cent, you may not be too concerned for residents.

There was backlash when Sydney's Northern Beaches Council approved a bid to increase rates by nearly 40 per cent in January. Tears were shed when North Sydney Council similarly approved a whopping 87 per cent increase this week...

Locals have voiced their concerns and have started a petition against the rises.

Independent Pittwater MP Jacqui Scruby told Yahoo Finance a spike in rate increases across the state indicated "councils are facing increasing costs", arguing "local governments are in crisis and need structural reform".

“These costs include general inflation, increases to construction and insurance costs, the financial impact of extreme weather and cost-shifting to councils from the NSW Government," she said.

You can read the full article on Yahoo Finance here: Growing $1,548 'silent mortgage' squeezes affluent Aussie suburbs: 'Hidden by mansions and beaches'