Australian living standards plummet below OECD

The Guardian’s Greg Jericho has done a good job showing the extent by which growth in Australian living standards, as measured by real per capita household disposable income, has fallen behind the OECD. Australia’s underemployment rate is also the highest in the OECD:

Whereas from 2007 to the end of 2013 the real disposable income of Australian households outgrew the OECD average in 18 out of 27 quarters (ie two thirds of the time), since then in just five out of 22 quarters we have done so.

Since the start of 2014, the annual growth of Australian real household disposable income has always been lower than the OECD average.

That’s five and a half years of underperformance:

The faltering of our living standards compared with the rest of the OECD is made clear when we look at the growth since 2007.

You can see that we soared through the GFC compared with everyone else, and yet we have utterly failed to take advantage, and now over the past 12 years the OECD has on average seen household incomes grow by more than ours:

And what we see is that while our level of unemployment is slightly below the OECD average, our level of underemployment is the highest among advanced economies:

Most importantly for our flat household income growth over the past six years, while we have often had higher levels of underemployment compared with other OECD nations, there has been a significant widening of the gap since 2013:

Conveniently, Jericho leaves out the fact that Australia’s population has grown at roughly 2.5 times the OECD average, driven by our mass immigration policy:

And that net immigration has risen strongly over the past five years:

Moreover, the April Budget projected the strong growth in net migration to continue:

That’s a whole lot of workers adding to labour supply, driving up underutilisation, and lowering wages. The outcomes are predictable, but ignored entirely by “fake left” commentators like Greg Jericho who are so preoccupied with race that they are happy to cheer on the reaming of Australian workers.

Leith van Onselen
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Comments

    • Jumping jack flash

      Debt.
      Insane and unnatural quantities of debt.

      Our wealth is only through debt, which is not actually wealth., and never will be.

      • Yes, debt not wealth.

        And over time, that lack of actual wealth will become manifest. At some point the fine food will turn to ashes in the mouths of the punters. Their flash Euro wagons will rust and fall apart. The 72 inch TVs will sputter, fart and expire in a shower of sparks and a cloud of acrid smoke. The Jetskis will sink. Their crumbling houses will be invaded by groups of savages.

        And their only response will be to sit there wondering where all their “wealth” went.

        • SoMPLSBoyMEMBER

          Copy that LSWCHP
          “All the children say,
          We don’t need another hero,
          We don’t need to know the way home
          All we want is life beyond the Thunderdome”

    • Because to make 2/3 of us richer beyond the wildest dreams of anyone in the middle class 20 years ago (median household net wealth over HALF A MILLION?! That’s crazy even by first world standards), the bottom third had to lose out… big.

      • Jumping jack flash

        Its definitely insane.

        Do these people even realise that a quarter of a million dollars is an absolutely huge pile of debt? And that’s now considered a modest or even low amount of debt!

        No wonder we’re almost at 0% cash rate and considering QE to keep this thing going.

        No risk though. None. Not a skerrick.

  1. Our resources boom and Australian wealth squandered on 5 million third world migrants – more than half being third world migrant guestworkers on pretext visas.

    ▪️1.9m PR – third world foreign nationals only here to steal the Medicare & welfare. Non assimilated.

    ▪️2.561 million TR / SCV – third world useless misfit detritus recruited from the third world slums and rural area, given a loan debt & packaged up to enter on a ‘fake student’, ‘skilled’, ‘working holiday’, ‘spousal’, ‘protection’ visa etc.
    Or else trafficked in via the NZ SCV loophole. 696,000 NZ onshore and over 260,000 are non NZ born Chinese & Indians. Another quarter of a million queued up in NZ as NZ chooses what lowlife to let in, gives them a passport stamp and dumps their migrant problem into Australia.

    These Migrant TR are the bulk and epi-centre of foreign criminal run migrant crime & vice operations onshore.

    ▪️440,000 ‘Tourist Visitors’ living & working illegally. 5% of the 8.8 million Tourist Visitors working illegally – DHA parliamentary submission. Chinese, North & South Asian, Indian, Bangla, Pak, only here to also work illegally or fraud Medicare. Or both.

    ▪️65,000 Overstayers.

    ➡️ 5 million migrants..

    The majority as TR or TV.

    The absolute bottom of the barrel scrapings – dragging down Australia’s standard of living.

    90% are in Sydney and Melbourne.

    Vast fetid squalid migrant guestworkers slums – over 600,000 ex Australian modest dwellings now acquired by the foreign criminal syndicates to wash their dirty money via a migrant PR mule to avoid the FIRB and then evict the Australians onto the street and fill it up wit migrants only in cash in hand bunk share.

    We have more migrant guestworkers than Gaddafi at his peak- and his paid tax.

    This influx has:

    🔻Lowering & debased our standard of living

    🔻Lowered our relative wages by 7.8%

    🔻Lowered our gdp per Capita 6.3%

    🔻Creating mass unemployment young & old now 1.5 million on the dole and 1.1 million seeking work.

    🔻Creating a housing price bubble – Sydney and Melbourne low end housing overvalued by some 22% as the foreign criminal syndicates and their PR mules vie to buy up Australian low end established housing to run their migrant guestworker cash in hand slum share goldmine.

    🔻Creating mass Australian homelessness, 116,000 Australian permanent homeless and another 360,000 without any affordable housing. Ethnic cleansing of Australians out of rented housing by the foreign criminal syndicates and the migrant guestworkers influx.

    🔻Destroyed Australian education.

    🔻Creating congestion, overload, environmental damage.

    🔻Created a huge additional Australian tax payer burger on stupid and misguided ‘infrastructure’ projects that these migrant guestworkers will never pay a $ to.

    We have 1.3 million TR/SCV migrant guestworkers in just Sydney alone. 1 in 4 people in Sydney.

    Sucking up the dam water.
    Overloading the public transport & roads.
    Creating emissions.
    Paying nothing towards infrastructure or public services as they all live in the foreign run cash economy & pay no tax.

    Melbourne- 1 million TR migrant guestworkers.
    1 in 5. Much the same.

    Is this some form of mad foreign aid where we host and shelter the third world so they can live & work illegally, make no contribution, repay their foreign agent procurer loan debt, send back remittances, and then secure a PR to bring in more third world useless like them?
    -/-

    We don’t just need to cut immigration intake.

    We need to shut down the intake completely and ALSO aggressively deport at least 2 million migrant guestworkers who should never have been allowed in.

    Most are on a visa pretext.
    Most are living & working illegally in visa breach.
    Mass visa cancellation, round up & deportations.
    That is what is required.

    • Why couldn’t we have been more like Norway, saving the spoils of resources to develop productive and sustainable industries for exporting potential?

    • Australia is a heaven for low end migrants anyway. There are no major reasons why a highly skilled person should come here and struggle to find decent work that matches his/her intellect.

      When our economy is set up in such a way that that the not so educated folks like the real estate agents, real estate investors and the tradie class thrive better than others, and drives the smarter person to madness, why should any highly educated person stay here.

      All that a low skilled migrant needs to do is come over here somehow, save some money probably taking money through cash jobs and claiming dole over that at the same time and then finally investing in real estate. You will be surprised as to how may taxi drivers and take away shop owners own multiple houses here. Where else in the developed world can they do this?

      Even if the highly educated person decides to stick to a job here, he/she is going to lose 49% on taxes majority of which will go to the old hags (to pay their pension despite staying in million plus dollar houses) and child/family care (encouraging them to procreate more thus creating more trouble for others)

  2. The solution is clearly to bring in Moar Immigrants.

    And they should all come from the poorest third world countries. They should speak English poorly or not at all. They should have multiple diseases. The older they are the better. They should also be some combination of stupid, violent and uneducated.

    Young Yak Dut from Victoria is a good example. https://www.dailymail.co.uk/news/article-7382891/Yak-Dut-bashed-two-female-cops-said-wont-jail-hes-black.html

    Or perhaps Mohammad Hassan Al Bayati. https://www.news.com.au/national/nsw-act/news/security-guard-who-assaulted-toddler-to-be-deported/news-story/1c44a95d0cc547ddaa0eff055c3661b5

    These are the new Australians who will build the successful multicultural society of the 21st Century. It will look something like this. https://labourpainsblog.com/2016/02/18/calais/

    Enjoy.

    • rob barrattMEMBER

      Stupid, violent & uneducated. Add dishonest. I watched 2 sub Saharan immigrants walk into South Brisbane station a couple of days ago. They didn’t even look at the clock-on machine for ticketing. Just walked through the exit the wrong way. They got on the train & presumably got off at an unpatrolled station. I couldn’t get over how casually they did it. Yes, it’s so good to know you’re helping the disadvantaged.

      • We should only be providing limited temporary refugee visas – with the bulk of our support going to in-country refugee support (including secondary safe-haven countries) and thereby helping more refugees in the process.

        A limited number of Permanent Residency visas can be allocated for high-quality temporary refugees who have proven they are contributing to society as a whole (who have employable skills, speak English and demonstrated a degree of integration – running a questionable shop that only caters to people of a similar background does not cut it nor does work in the ‘multicultural’ or ‘refugee’ industries) – preference for critical work done in export generating industries or essential services where we have a genuine skills shortage.

    • He has to choose between writing what he thinks and paying the mortgage. The cost/benefit analysis clearly didn’t favour martyrdom.

  3. Jumping jack flash

    “You can see that we soared through the GFC compared with everyone else,”
    Couldn’t be a coincidence that we piled on a gargantuan quantity of debt in that time with Ruddprime and all the rest of it? Nah!

    “and now over the past 12 years the OECD has on average seen household incomes grow by more than ours:”

    Pfft.. the solution is simple. We just need more debt. Duh!
    Quickly now, lower the rates. To Zero! Less than Zero! QE! Anythiiing!

    Import the cheap workers to facilitate wage theft.

    After all the rate cuts and cheaper labour, all that needs to be done is sit back and watch the jobs get created and the wages inflate.

    Good times?
    Great times.

  4. … NEW ZEALAND …

    ANZ Business Outlook Survey says there’s ‘nothing good to say’ about business confidence as it hits the lowest level in over 11 years while increasing numbers of firms intend to reduce staff numbers … David Hargreabes … Interest Co NZ

    https://www.interest.co.nz/business/101436/anz-business-outlook-survey-says-theres-nothing-good-say-about-business-confidence

    Overall business confidence as measured by ANZ’s Business Outlook Survey has plunged to its lowest level since April 2008.

    The ANZ economists have summed it up neatly with their headline for the latest release, which simply says: “Business confidence: Nothing good to say about it”

    And there isn’t.

    The so-called ‘headline’ business confidence fell another 8 points to -52% in the August ANZ Business Outlook, the lowest since April 2008. … read more via hyperlink above …