Australian living standards have fallen more than 10 per cent in the past two years. And yes, you read that right. Prices have sprinted ahead of wages. Mortgage rates have soared. And so has the tax take, with personal tax now at a record share of incomes.

Much of the world has seen similar pain, but Australia’s drop in our living standards is bigger than most – and larger than anything we’ve seen in past recessions. No wonder the electorate is grumpy.

Prime Minister Anthony........

© The Sydney Morning Herald