How the tables have turned…

At the beginning of 2016, headline figures suggested our economy was growing at a steady pace. Yet the income and wellbeing of Australians was far from rosy – we were in an income recession as deep as the one we experienced in the early 1990s recession. Almost twelve months on, the latest figures show that the Australian economy contracted in the September quarter whilst at the same time national income grew. This article examines what happened to income in the most recent quarter and why output growth does not necessarily add up to better wellbeing for Australians.

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