02 Jul Was life really better in the good old days?
Key Points:
- Angst about economic conditions has been running high in recent times. This is evident in chronically low consumer confidence readings and a downtrend in measures of happiness. It’s also arguably evident in the rise of populist parties globally and more recently in Australia.
- There is no doubt that some things were better a generation or two ago. Cheaper housing stands out. But most indicators are far superior today.
- That said there is no denying that “cost-of-living pressures” have been a problem in recent years and a key driver behind this has been poor productivity growth. Unfortunately, there are no quick and easy fixes to this.