The September quarter national accounts was another sobering experience for Australian workers.
According to the ABS, the real average compensation per employee fell by 0.9% in the year to September 2017 to be 3.3% lower since March 2012:
In a similar vein, separate per capita wages & salaries data registered an 1.0% decline in real inflation-adjusted terms, with real per capita wages & salaries also down 2.8% over the decade:
Late last week, the Reserve Bank of Australia (RBA) also released real household disposable income (HDI) data, derived from the September quarter national accounts, which revealed that real per capita HDI was dead flat over the quarter but fell by 1.0% over the past year.
The below chart tracks quarterly real per capita HDI:
As you can see, quarterly real per capita HDI has fallen by 0.7% since June 2012!
Below is the same chart presented on a 4QMA basis:
Here, real per capita HDI is dead flat (0% growth) since June 2012.
To add insult to injury, the growth in real per capita HDI so far this decade remains anaemic at just 0.74% per annum, which is lower than the 1960s (2.34%), 1970s (1.86%), 1980s (0.90%), 1990s (1.30%), and 2000s (3.18%):
Just another sign of Australia’s ‘lost decade’ in the making.