falling living standards

When neoliberal economics was being established as a hegemonic position in Australia in the late 1980s, 1.2 million workers were employed in the manufacturing industry — 15% of the workforce. The Australian Bureau of Statistics’ (ABS) latest employment analysis shows that 25,000 jobs were lost in manufacturing last year, bringing the total employed down to 920,000 — 7.8% of the workforce. It is a trend that will only continue with the winding-down of the vehicle production industry and its related vehicle components sector.