Bill shock as Australian standard of living slumps, by David Uren.
Australians have endured their longest period of falling living standards in more than a quarter of a century as growth in costs outstripped earnings for the fifth consecutive quarter, leaving households worse off than they were six years ago.
After allowing for inflation, taxes and interest costs, average household incomes dropped 1.6 per cent in the year to September, capping a sustained fall in living standards that has not been seen since the 1990-91 recession.
Economists say more than half the cost increases for households are being driven by electricity, rent, health, new housing and tobacco, while modest wage rises are being partially absorbed by workers being pushed into higher tax brackets.
The massive rises in the cost of electricity, passed on in so many ways, are unnecessary. They are due to the carbon dioxide theory of global warming, which the elite and PC crew did not check — and indeed protected from critical inquiry. As it happens, that theory is wrong. There is a subtle technical problem in all the climate models, which caused them to come to the wrong conclusion. Book coming.