Posted April 09, 2019 09:18:22It may be a world away from the glamour of Paris and New York, but Australia has an equally expensive price tag to contend with.
That is because the cost of living in Australia has been rising for some time and the country’s economy is not producing the same returns that the US has enjoyed.
While wages have been rising, Australia’s share of global exports has stagnated for years.
The latest data shows the country is actually producing more than twice as much output per person as it did in 2013, with the average worker earning about $18,000 a year less than it did just a decade ago.
The median annual income in Australia was $60,000 last year, compared with $60 for the US and $63 for Germany.
The OECD has put the average income in the country at $60 million, which is more than double the median income in Japan.
Despite the higher cost of Australia’s living, it is still one of the world’s cheapest countries to live in.
According to the latest ABS data, the average price of a home in Australia is $1.5 million, and a single-bedroom apartment is $3.7 million.
But in reality, a single room in Australia’s capital city is about $1 million more expensive than in a city like Sydney.
In Sydney, the median house price is $2.1 million, compared to $2 million for Perth.
While Perth is the countrys most expensive city, it has the cheapest average household income, $51,000.
As well as having one of Asia’s highest incomes, Perth also has one of Australias lowest average household debt levels.
It comes at a time when the Australian Government is trying to boost wages and improve the country s economic outlook.
Labor is launching a package of reforms that will include raising the retirement age, increasing the minimum wage, raising the tax rate on the wealthiest, and introducing a carbon tax.
This will add to the nations $50 billion debt.
However, Labor is facing fierce opposition from the mining industry, which wants to increase royalties for the coal-mining industry.
Last week, Labor announced it would increase royalties from 5 per cent to 6 per cent from next year.
Labor also announced plans to introduce a $2 billion tax on high-cost commodities like steel, iron ore and coal.
On the other hand, Treasurer Scott Morrison is also committed to reducing the GST from 8 per cent in 2020 to 6.5 per cent.
At the same time, Labor has also committed a further $300 million over the next four years to a carbon fund.
Labor’s budget will also introduce a new tax on the use of overseas-based businesses to pay for their employees’ living expenses.
Labor is also promising to make up the shortfall in the budget by reducing the Medicare levy, which the Opposition has argued will lead to an increase in the cost and severity of care.
There are also plans to increase the amount Australians can borrow from banks.
The Budget is expected to include a range of measures to stimulate the economy, including measures to help Australians save and invest, introduce a levy on high earners, introduce more child care and introduce a tax on higher income earners.
Labor has also promised to increase child care support for disadvantaged children, and is promising to create more child tax credits.
“We know that the country needs more investment, and that means that Labor will make investment in the education system, more childcare, more skills training and a better childcare system,” Ms Gillard said.
“We will also be looking at tax reform to reduce the tax on superannuation and make sure that Australians have the same access to affordable childcare as other Australians.”
Ms Gillard has also announced a $3 billion package to fund infrastructure projects in the first term of Parliament, and promised to spend $200 million over three years to reduce pollution.
She also promised $30 billion over the first three years of the Parliament, to boost infrastructure projects.
Labor wants to spend the money on infrastructure projects, including $150 million over four years for the NBN and $100 million over five years to improve the rail network.
The Opposition also announced an increase to the GST, which will be introduced on July 1, 2019.
Mr Morrison said the Government was committed to cutting the GST and lowering the cost, and was prepared to cut the GST to $3 a tonne from $10 a ton in the next Parliament.
Labor will introduce an equalised national sales tax, which it claims will increase the cost for Australian goods and services by $40 billion over a decade.
Its plan also calls for a new national retail sales tax and a new income tax.
It will also reduce the GST threshold to $25,000 and reduce the marginal rate to 25 per cent for people earning more than $100,000, and to 50 per cent and 75