Australians enduring biggest fall in real wages ever recorded

Australians are currently living with the biggest fall in real wages ever recorded.

Australian Bureau of Statistics data shows wage growth has grown to a 10-year high of 3.3 per cent, but inflation is at 7.8 per cent.

It’s the largest gap between wages and inflation since the ABS began its wage price index measurement in 1998.

Senior economics correspondent for The Age, Shane Wright, says the average Aussie is “going backwards”.

“There’s no doubt about it.”

Press PLAY below for Mr Wright’s analysis of the current economic situation