A report on Australia’s standard of living has found that low real wages, underfunded public services and soaring prices have left many families experiencing hardship and hopelessness. Despite a reduction in inflation and interest rates, too many Australians are still experiencing lower living standards after the turbulent events of the past five years. Official inflation figures may capture broad economic trends however, they do not adequately describe the real pressures experienced by working people – particularly when it comes to the impact of the increasing costs of essentials like food, housing and energy.

This report documents the origins of the current crisis in living standards and presents a multidimensional progressive policy agenda for the Australian Government. Four core policy papers are included in the report which examine the main drivers of inequality and deteriorating living standards in Australia. The papers provide practical policy solutions forming a platform for economic reform.

Key papers

• To grow living standards we need higher wages
• Restoring real wages through collective bargaining and full employment
• Strengthening the four pillars to restore minimum incomes and reduce inequality
• Revisiting the social wage.

Key recommendations

• Treating housing as a human right
• Embedding employment targets in the Charter of Budget Honesty
• Restoring the minimum wage to a minimum of 60% of the median wage
• Greater investment and fast-tracking of clean, affordable, renewable energy
• Making fossil fuel mining companies pay their fair share of taxes and royalties
• Raising all income support payments to the level of the age pension
• Fixing the broken employment services system
• Abolishing the capital gains tax discount and negative gearing
• Better funding of Medicare, public hospitals, early childhood education and care, and public schools.