The magic of capitalism: you're working less time to buy your daily bread

Before and after Federation in 1901, we were the richest country in the world – thanks to our “wealth for toil”, mainly in the form of gold and wool. As the American Century got under way, we lost that lead.

But we began opening up and modernising our economy in the mid-1980s. Over the past 30 years our real GDP per person – that is, after allowing for inflation and population growth – has out-performed all of the G7 economies of North America, Europe and Japan, and our incomes have risen back to being well above the rich-world average.

Average incomes in Australia today are seven times higher than they were in 1901. Environmentalists should note is that only some of this growth has come from increased exploitation of natural resources and damage to the environment . The cost of a bicycle – which in those days was the main form of transport – has dropped from 527 hours of work to less than eight hours. The cost of a kilo of rump steak has gone from 143 minutes work to 38; a loaf of bread from 20 minutes to six; a litre of milk from 31 minutes to just over two.

1RossGittins Sorry Ross but the head of the PC would say this. A little calculation - loaf of bread = $7. There are 80 × 6 minutes in a day, equals $2800 per week or $145,000 per year. Hardly average.

1RossGittins Capitalism’s only magic is making the poor poorer and the rich richer. Nothing more.

1RossGittins I'm building a house out of bread right now!

1RossGittins Jesus that’s unmitigated tripe.

1RossGittins so the cheaper cost of a loaf has somehow magically offset the 10x rise in electricity, gas, petrol, rates, insurance, health Ins etc. Not to mention the massive increase in real estate, I can't afford to buy a house, pay my bills, afford general insurance or health (1/2)

1RossGittins Still you elite morons have no idea about the actual plight of the working class...no surprise at all. Even if bread is cheaper, you know what's not, the house that in real terms is 3 x more expensive than it was 25 years ago. A single wage could buy a house. Yay capitalism.

1RossGittins Yet Leftist parties abandon the centre and embrace socialism!

1RossGittins We've never had it better really, it's just different than before

1RossGittins Even more so with a new car. The major problem is the cost of housing....

1RossGittins That may be the case but what about a home; we bought a 3br BV home in Bris 48 years ago on what was = to 3 years wage for a process worker the last time it changed hands it sold for 12 years salary for a worker on a base wage. What hope does the ordinary person have today?

1RossGittins Capitalism has moved to other things to extract our money

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