this post was submitted on 05 Mar 2024
158 points (98.8% liked)

Australia

3611 readers
150 users here now

A place to discuss Australia and important Australian issues.

Before you post:

If you're posting anything related to:

If you're posting Australian News (not opinion or discussion pieces) post it to Australian News

Rules

This community is run under the rules of aussie.zone. In addition to those rules:

Banner Photo

Congratulations to @Tau@aussie.zone who had the most upvoted submission to our banner photo competition

Recommended and Related Communities

Be sure to check out and subscribe to our related communities on aussie.zone:

Plus other communities for sport and major cities.

https://aussie.zone/communities

Moderation

Since Kbin doesn't show Lemmy Moderators, I'll list them here. Also note that Kbin does not distinguish moderator comments.

Additionally, we have our instance admins: @lodion@aussie.zone and @Nath@aussie.zone

founded 1 year ago
MODERATORS
lodion@aussie.zone
Fluid@aussie.zone
bestusername@aussie.zone
eatham@aussie.zone
158
We're experiencing the biggest dive in living standards in half a century — and a recession is looming (www.abc.net.au)
submitted 8 months ago by Longmactoppedup@aussie.zone to c/australia@aussie.zone
21 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] autotldr@lemmings.world 2 points 8 months ago

This is the best summary I could come up with:

But whatever Wednesday's data shows, the truth is we are already experiencing the biggest dive in living standards in half a century — and have been for two years.

Previous dips in household disposable income per capita have been accompanied by high unemployment, concentrating the pain in the unlucky group looking for work at the time.

Looked at through a longer-term lens (the longest the bureau's spreadsheets allow) the latest dive in real household disposable income per capita is the biggest in half a century.

This appears to date back to a 1974 New York Times article, written by a US business cycle expert Julius Shiskin.

Three decades ago, after the release of the September 1990 national accounts on November 29, Treasurer Paul Keating declared they showed Australia in recession.

A "recession" even briefly appeared after revisions to the 2000 national accounts, under Prime Minister John Howard and Treasurer Peter Costello.

The original article contains 921 words, the summary contains 145 words. Saved 84%. I'm a bot and I'm open source!