Telstra workers are losing their jobs – almost one in 10 of them. That’s a big blow from a big business, with Treasurer Jim Chalmers calling it a “distressing day”. Yet, it’s just one gloomy story among many. As large as those Telstra losses are, more than 10 times as many workers became unemployed across Australia in the past month alone.

Then last week the government forecast that jobless queues are set to grow by yet another 60,000 workers. And after just five minutes of sunshine, wage growth is now falling (as those same government forecasts predicted it would), while surveys show families are deeply depressed about their finances.

Illustration: Simon LetchCredit:

Meanwhile, housing construction is at decade lows. That leaves it way below the government’s target, meaning it won’t make any sort of a dent in rents or house prices. In fact, pretty much anywhere you look there’s evidence that the big squeeze on family finances is starting to draw more blood. That’s pretty bad news.

Confusingly, it’s also good news. Here’s why.

Your cost of living soared as inflation surged well ahead of wages because inflation pushed you into a higher tax bracket, and because the Reserve Bank of........

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