The preoccupation with money and consumption comes at an increasing cost. Many Australians consider that money-hunger conflicts with their deeper values and preferences and results in a society that is too materialistic. There is evidence that many people are deciding to accept lower incomes and consumption levels in order to have more balance in their lives, a phenomenon known as downshifting. In this report Clive Hamilton and Elizabeth Mail provide the first systematic study of downshifting in Australia.