Its official. What people have been speculating about the bubble is true. Wages must fall and unemployment must rise.

"... Meanwhile, detailed modelling published on Monday by the Melbourne Economic Forum –  a newly created group of top economists and public policy specialists – has predicted stark outcomes for Australia unless there are further economic reforms.
The Forum said that the end of the resources investment boom and falling terms of trade could mean unemployment will hit 6.6 per cent in just over a year, pushing an extra 250,000 people into joblessness and stripping $1200 from per-capita income by 2020. As well, incomes were likely to fall until at least 2020 as the mining boom receded and export prices fell, sending gross national income per capita down by about 0.3 per cent a year over the next five years.
To prevent this, Australia would need an ABS-measured productivity growth rate of 0.7 per cent per annum just to maintain living standards, and 2 per cent to keep living standards growing at their average for the past decade, said the Forum.
To prevent a rise in unemployment, real average earnings would need to shrink by 0.89 per cent a year, and the dollar would need to fall by an extra 20 per cent – equivalent to around US75¢ – to help the economy make its adjustment to the post-boom era..."

Read more: http://www.smh.com.au/business/the-economy/australias-three-speed-economy-in-danger-of-stalling-20140721-zv7hx.html#ixzz38dyabCYU

Wages/costs of living, wages/costs of living.... get the equation right.  You cannot look at one without the other.

Install a steady reduction in costs of living by abolishing hydra-headed 'new enterprises' created by the privatisation fallacy;

Re-nationalise public utilities;

Begin the abolition of the MADIF by re-creating an adequate single income that can cater to the family unit and not the individual, and by the abolition of PPL and childcare subsidies to those over $100k family income;

Reduce payments to 'ceos' and 'board members' along with the abolition of 'privatised' industries and QANGOS;

Reduce politician rorts and expense accounts and incomes to a reasonable level for work value;

Cut off investment opportunities in dead stock such as property and install a new regime of investment in solid future infrastructure that creates ongoing work and prosperity for the many, thus guaranteeing a solid revenue return to government via taxation;

Draw down an adequate return from resource ripping instead of flogging it off to blatant ripoff merchants from overseas who will use it to further exploit their own people unto poverty and death and neo-slavery on $2 a day;

Check out the post by The Grappler that shows world minimum wages by colour posted earlier today and consider who we are 'competing' with..... then ask yourself why we are doing so at all other than to profit ten people massively

.wikipedia.org/wiki/List_of_minimum_wages_by_country

I hate it when I get paid too much but don't do enough work. I like to go online and whine about it.

freediver wrote on Jul 27^th, 2014 at 4:30pm:

I hate it when I get paid too much but don't do enough work. I like to go online and whine about it.

Maybe your productivity is inversely proportional to your effort. You make lost of mistakes.

Laugh till you cry wrote on Jul 27^th, 2014 at 5:29pm:

freediver wrote on Jul 27th, 2014 at 4:30pm: I hate it when I get paid too much but don't do enough work. I like to go online and whine about it. Maybe your productivity is inversely proportional to your effort. You make lost of mistakes.

Tell me about it. Lost and lost of them.