10. Cost of essential living
Are wages keeping up with inflation?
There is ample data on this topic out there. And they all come to the same conclusion, the cost of essentials is increasing far faster than the income since 1990.
https://guides.slv.vic.gov.au/whatitcost/groceries
https://www.numbeo.com/cost-of-living/country_result.jsp?country=Australia
Eggs $5.54 in 2023 – around $1.75 in 1990.
The percentage increase of these key items
Bread 238%
Milk 471%
Potatoes 363%
Eggs 316%
In the same period average household net income increased around 214%. $27,227 to $58,448.