Jul 7, 2026 – 10.00pmAustralians have experienced one of the sharpest declines in living standards in the developed world since the pandemic, according to a new report from the OECD that warns real wages are set to fall even further this year as high inflation erodes workers’ incomes.The release of the report came as Deloitte Access Economics warned Australia was facing its longest stretch of weak economic growth since the early 1990s recession, complicating the Albanese government’s efforts to argue it has made substantial progress in bringing inflation under control and easing cost-of-living pressures.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Australians suffer sharp decline in living standards: OECD
Its annual employment report warns that real wages will fall further this year, complicating Labor’s efforts to argue it has made progress on the cost of living.
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