The population boom’s hidden secret

Sure, Australia’s total GDP is rising. You hear the Treasurer crowing about that every time the government releases the national accounts. But this is like the boss announcing: “Combined earnings of staff have risen 2 per cent! So you all got a payrise!” You look round and realise they hired four new people last year. The earnings of the group might have gone up, but that doesn’t mean much for your own pay-packet.