For many Australians, it’s getting tougher to pay the bills. In fact, we’re worse off than we were six years ago.

AMP Chief Economist Shane Oliver speaks with Chris Kenny on how Aussie living standards are going backwards.

“We’ve had record low wages growth in a time of pretty hefty increases in prices for things, particularly energy and health.”

Mr Oliver says it can become self-perpetuating, where consumer confidence drops and in turn so does expenditure and economic growth.

“This can have a really deliberating effect on the economy.”

Chris also speaks with Reverend Bill Crews from The Exodus Foundation on how declining livings standards is affecting the charity sector around the country.

“A lot of people come and eat two or three days a week in our free restaurants just to survive.

“Life is really tough for a lot of people.”

Listen to the full interview below