Shifting gears: Is Australia going backwards or forwards?

We are wealthier, healthier and more educated than ever before so why do so many people keep telling us the country, the economy and our standard of living are all slipping?

The sharp moderation in wage growth experienced over recent years has many worried that our standard of living is plummeting. Wage growth in the June quarter was a measly 2.6 per cent -- the lowest rate of growth since records began (admittedly only in 1997). Still, that’s not a good result. The idea is that this modest wage growth and high levels of unemployment are symptomatic of the nation’s falling income overall. According to this view, the country is going backwards because there is nothing left to fill the void once the mining boom ends. Well, it’s already ended apparently so this is happening in real-time I guess.

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