The ABS data echoes other surveys, such as Westpac\u2019s consumer confidence index, which has languished at around 50-year lows since failing to recover from the pandemic blow.<\/p>\n
Amid an explosion of support for far-right and populist politics<\/a>, those reporting life satisfaction scores of four or below are more likely to feel alienated and disempowered in their community, and express lower support for multiculturalism<\/a>, the ABS figures show.<\/p>\n Only 15% of people experiencing wellbeing poverty feel they have a say on important matters affecting their communities, against the average of 32% across all Australians. The proportion of people who feel they have a voice in their community increases to a high of 46% among those reporting overall life satisfaction of nine or above.<\/p>\n As One Nation\u2019s leader, Pauline Hanson, makes headlines with her advocacy for a \u201cmonocultural\u201d society, the ABS data show just over 60% of people who score in the lowest group on life satisfaction agree that it is a good thing for society to be composed of different cultures.<\/p>\n That share is far below the average of 80% among Australians, and the approaching 90% among those reporting the highest life satisfaction.<\/p>\n Stagnation and stagflation<\/p>\n National living standards, as measured by household disposable income per household adjusted for inflation, are at the same level as in mid-2020.<\/p>\n Nor is the outlook encouraging: analysts expect the national economy to drop back into a per capita recession<\/a> amid a stagflationary backdrop<\/a> of low growth and high inflation.<\/p>\n Shane Oliver, AMP\u2019s chief economist, said lower-income households had been hit particularly hard by the huge rise in prices for essentials, such as electricity, insurance and health care.<\/p>\n \u201cConsumer confidence seems to be chronically stuck around recessionary levels,\u201d Oliver said.<\/p>\n Graph showing living standards are trending down <\/a><\/p>\n Guardian Australia has previously reported<\/a> research showing that wages for the highest paid workers over the past decade had grown at more than twice the pace of those earning the least.<\/p>\n Oliver also pointed to extensive literature on the economics of happiness that satisfaction with life does not track higher with material wealth past a certain middle-income threshold.<\/p>\n Sign up for the Breaking News Australia email<\/a><\/p>\n Oliver said it was likely that the recent plunge in life satisfaction related to thwarted hopes and unmet expectations \u2013 much of which he believes can be traced back to dwindling hopes of home ownership.<\/p>\n
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