The most worrying aspect of last week’s Q2 national accounts release was that real employee earnings continued to fall, down 4.2% since March 2012:
![](https://www.macrobusiness.com.au/wp-content/uploads/2018/09/Capture-95.png)
With household consumption – representing 57% of Australian output – being held up by households drawing down their savings:
![](https://www.macrobusiness.com.au/wp-content/uploads/2018/09/Capture-91.png)
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