Australian’s living standards continue to fall

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By Leith van Onselen

I cannot ever recall a time when the nation’s production, as measured by real GDP, has diverged so much from the growth in Australian’s living standards.

To illustrate why, I have once again deflated three measures of the domestic economy, as provided in the June quarter national accounts (released yesterday), by the ABS’ population data, in order to ascertain the underlying strength of the domestic economy in per capita trend terms.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.