Australian households are paying the price for fixing an inflation problem they didn’t cause.
, the economic pie is still growing but, with more people to share it, the slices are thinner.
But why has the economy’s growth become so weak? Because households account for about half the total spending in the economy, and they’ve slashed how much they spend. What’s more, it fell even though more people were working more hours than ever before. People worked 6.8 per cent more hours than a year earlier.disposable income fall? Because consumer prices rose faster than wage rates did. Over the year to June, prices rose by 6 per cent, whereas wage rates rose by 3.6 per cent.
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