Lifestyle in Australia not affected by the economic crisis

by Ray Clancy on November 14, 2013

in Australia, General Information, Jobs in Australia, Money, Business and Finance, Property in Australia


Australia is a good place to live compared with other countries and performs well in many of the 11 measures monitored in the Better Life index by the Organisation of Economic Cooperation and Development.

The country tops the global table for civic engagement and is above average for health, housing, personal security, environment, jobs, earnings, education and skills in the latest OECD report.

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Australia tops the global table for civic engagement and is above average for health, housing, personal security, environment, jobs, earnings, education and skills,

A wide variety of situations are compared in the report including income, wealth, jobs, earnings, housing, health, work and life balance, education, skills, environment, civic engagement and governance.

Australia does come out below average in work life balance but it has not been affected by the economic downturn. Household income, jobs and life satisfaction have held up whereas other countries like Spain and Greece have seen a steep decline.

From 2007 to 2010, Australia recorded a cumulative increase in real household disposable income of around 6%, while in the European Union area income dropped on average by 2% between 2007 and 2011, with the largest decline occurring in 2011.

In Australia market income inequality, before taxes and transfers, remained unchanged while it increased by 1.2% on average in the OECD index.

In the OECD countries most severely hit by the crisis, the largest impact on peopleís well being was lower employment and deteriorating labour market conditions. The employment rate decreased by only 0.5% in Australia while the long term unemployment rate remained stable between 2007 and 2012.

In the OECD countries as a whole, the poor employment situation had a major impact on life satisfaction. From 2007 to 2012 the percentage of Australian people declaring being very satisfied with their lives decreased from 76% to 73%.

People’s trust in institutions and in the way democracy works has also declined during the crisis, according to the report. But in Australia the percentage of people reporting that they trust the government remained unchanged at 53% between 2007 and 2011.

From a well being perspective, what matters is to have a job of good quality. Quality of employment encompasses many elements, one being that paid work ensures an adequate standard of living.

Gender gaps in well being, typically in favour of men, have declined in most OECD countries, including in Australia.
Despite these gains, Australian women are still less likely than men to have a paid job or be elected to Parliament, and more likely to spend many hours performing household tasks or to feel insecure when walking alone at night. A significant share of Australian women also reported having experienced intimate partner violence.

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