The mainstream Sydney Morning Herald has reported on the coming death of the Australian middle class, something we knew was happening. The cost of living crisis is eroding middle class incomes and dreams as well, with the housing crisis, fuelled by mass immigration, making the ideal of a quarter acre block home, a memory. The quarter acre block home was once a symbol of the Australian dream, something hard work could deliver; but that is no more.
As the article says: “If wage growth kept up with the growth our property sector has seen over the last 40 years, the average Australian would be on an income of $162,000. The dream of home ownership, a quintessential aspect of middle-class life, has become an increasingly elusive goal.”