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Australia has experienced 16 years of economic growth, prompting some governments to claim we've never had it so good. But the boom has passed many Australians by, as food and basics become increasingly expensive.

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This week, Insight asks - are wages keeping up with the cost of living? And how much is 'enough'?

Unemployment is at an all time low. However, 1.2 million wage and salary-earning households reportedly suffer financial stress, and 80% of the 2.5 million jobs created over the last twenty years are paid less than $600 per week.

Inflation stands at 4.3%, with Australia's food inflation the highest in the developed world.

So how can we deliver more to the low paid? Is a wage rise the answer?

Meanwhile, Australians are turning to credit. Personal debt levels are at unprecedented highs, financially crippling even those on higher wages.

Has it become too easy to credit? Or do we just want too much?

Meet the Guests

  • Chris Bowen

    Chris Bowen is the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs.

  • Garry Brack

    Garry Brack is the Chief Executive of industry group Employers First.

  • Dr Helen Masterman-Smith

    Dr Helen Masterman-Smith is the Project Co-ordinator for the Low Pay Project, an investigation into the low paid works sector in Australia. She is a researcher with the Centre for Work and Life at the University of South Australia.

  • Chris Richardson

    Chris Richardson is the Director of Access Economics. He has worked at the Federal Treasury and for the International Monetary Fund.

  • Gary Rothman

    Gary Rothman is a financial counsellor at Uniting Care, a Christian organisation aimed at providing assistance to the underprivileged.

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Coming up next week...

Are Greek citizens trying to have it both ways? They’ve lashed out at austerity measures, voting resoundingly against the political parties that support them. But at the same time, the majority say they want to stay in the Eurozone. Is the tough economic medicine the right approach? And could the backlash in Greece spread to other countries? Start the conversation here.