New analysis today shows that under the Abbott-Turnbull-Morrison Governments Australian households have experienced the worst cost of living crunch and falls in living standards in more than 30 years.
Analysis undertaken by the Australian National University’s Centre for Social Research shows that over the last three years, living costs have outstripped the growth in wages by 2.9 per cent.
The same analysis shows that since September 2013, living standards have fallen by 1.2% which compares to a 7.6% increase under the former Labor Government.
This new analysis is just more evidence that when it comes to the Liberals, everything is going up except people’s wages.
This new research comes on the back of the RBA downgrading economic growth and outlining the risks associated with Australia’s record household debt and its potential impact on consumption.
Instead of responding to the challenges of a slowing economy, the Treasurer is more interested in backing Tim Wilson and his House Economics Committee in a tax payer-funded roadshow in collusion with Geoff Wilson.
It’s time the Liberal Party dropped the focus on itself and the Labor Party – and started to focus on the economic issues that matter, like low wages growth, falling business investment and the slowing economy.