living standards: It was only just above a benign inflation rate of 1.7 per cent, according to Nine News Australia. The latest Essential Research survey found just over half of its respondents believe their income has fallen behind the cost of living. Annual wages growth slipped to just 2.2 per cent in 2015, the slowest since the Australian Bureau of Statistics introduced its wage price index in 1997. Shadow treasurer Chris Bowen calculated living standards have fallen by 3.5 per cent since the coalition came to power in September 2013."Instead of delivering a long-term economic plan that will increase living standards, the coalition has preferred to increase the cost of living through its attack on penalty rates and slashing family tax benefits for low-income households," he said in a statement. Growth in mining and construction wages are now among the slowest, even falling behind those in the accommodation and food services sectors - the reverse of just a few years ago when the resources investment boom was in full flight. ANZ economist Justin Fabo expects wages growth will likely remain subdued for a while yet, given the relatively high level of unemployment, low-inflation expectations and downward pressure on national income from a declining terms of trade.
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