The triple threat of falling real wages, rising prices of necessities and soaring mortgage repayments has seen people’s living standards plummet in the past two years. The annual release of the state accounts shows that the 2022-23 financial year was a brutal one for households even while the state economies grew.
As I’ve said before, while GDP is a useful number to gauge how the economy is going, you can’t eat GDP. It does not measure much that is important in life and it also counts some things that only tangentially affect households.
