There’s only so long that the Albanese government can deflect the blame for falling living standards. It must find ways to boost sagging productivity.
Middle-class Australians are at growing risk of suffering a decline in their living standards, as uncertainty over the country’s energy transition continues to crimp business investment and hamper productivity improvements.
The index also showed that lower income workers are more positive about their financial position, after the Fair Work Commission this month increased the minimum wage by 5.75 per cent for more than two million people on awards. “I think out there, in the community, people who are under pressure, will find this decision hard to cop and they will need help understanding it.”
And here the trend is worrying. Although the latest national accounts showed that capital spending by private firms ticked up in the first three months of the year, this follows a long period of decline.It is likely that the sharp increase in borrowing costs over the past year – which will translate into slower economic activity – has dampened companies’ enthusiasm for investment.
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Government taking a ‘range of measures’ to curb cost of living crisis: AlbaneseThe government is taking a “range of measures” to curb the rising cost of living while also seeing wage increases making a difference, says Prime Minister Anthony Albanese. “On areas of course of GDP growth, on employment growth, on all of these factors, Australia is better than any of the G7 countries going forward,” Mr Albanese told Sky News Australia in an exclusive interview. “But we understand cost of living pressures, one of the things that we did with our budget was make sure that we had energy price relief, that we had the Medicare strengthening changes that will give access to bulk billing to 11 million Australians. 'That Australians will benefit from the cheaper medicines that we put forward, cheaper childcare begins on July 1.”
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