Full Story Yes, we are worse off – will Dutton or Albanese make it better?
Apr 8, 2025
Patrick Commins, the economics editor for The Guardian, dives into pressing cost-of-living issues facing Australians today. He discusses whether citizens are truly better off than three years ago, tackling the frustrating disconnect between wages and effort. The conversation also explores energy subsidies aimed at helping households, and questions their accessibility for lower-income families. Lastly, Commins highlights the need for bold political reforms to address the housing crisis and tax imbalances that hinder economic progress.
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Political Power of Economic Questions
- "Are you better off than you were three years ago?" is a potent political question.
- It resonates because the answer, for most, is typically "no" due to factors like inflation and stagnant wages.
Impact of Inflation and Stagnant Wages
- Many are worse off due to rising inflation, particularly affecting mortgages and rent.
- Wages haven't kept pace, leading to reduced purchasing power for most households.
Stagnant Economic Progress
- Over the past decade, real improvement in economic well-being has been minimal.
- Lack of productivity growth, meaning we are working harder to stay in the same place, is to blame.