Largest fall in living standards since at least 1964 expected during the current parliament
Average annual change in real disposable income after housing costs by parliament, %
1964–66 Lab
4.6%
1966–70 Lab
2.0
1970–74 Con
2.1
1974–79 Lab
1.1
1979–83 Con
0.6
1983–87 Con
4.9
1987–92 Con
3.0
1992–97 Con
2.2
1997–01 Lab
5.0
2001–05 Lab
1.6
2005–10 Lab
0.3
2010–15 Coalition
1.1
2015–17 Con
−0.1
2017–19 Con
2.4
2019–24 Con
0.1
2024–29 Lab
-0.2 central scenario
-0.4 adverse
scenario
1964–66 Lab
4.6%
1966–70 Lab
2.0
1970–74 Con
2.1
1974–79 Lab
1.1
1979–83 Con
0.6
1983–87 Con
4.9
1987–92 Con
3.0
1992–97 Con
2.2
1997–01 Lab
5.0
2001–05 Lab
1.6
2005–10 Lab
0.3
2010–15 Coalition
1.1
2015–17 Con
−0.1
2017–19 Con
2.4
2019–24 Con
0.1
2024–29 Lab
-0.2 central scenario
-0.4 adverse
scenario
1964–66 Lab
4.6%
1966–70 Lab
2.0
1970–74 Con
2.1
1974–79 Lab
1.1
1979–83 Con
0.6
1983–87 Con
4.9
1987–92 Con
3.0
1992–97 Con
2.2
1997–01 Lab
5.0
2001–05 Lab
1.6
2005–10 Lab
0.3
2010–15 Coalition
1.1
2015–17 Con
−0.1
2017–19 Con
2.4
2019–24 Con
0.1
2024–29 Lab
-0.2 central scenario
-0.4 adverse scenario
1964–66 Lab
4.6%
1966–70 Lab
2.0
1970–74 Con
2.1
1974–79 Lab
1.1
1979–83 Con
0.6
1983–87 Con
4.9
1987–92 Con
3.0
1992–97 Con
2.2
1997–01 Lab
5.0
2001–05 Lab
1.6
2005–10 Lab
0.3
2010–15 Coalition
1.1
2015–17 Con
−0.1
2017–19 Con
2.4
2019–24 Con
0.1
2024–29 Lab
-0.2 central scenario
-0.4 adverse scenario
1964–66 Lab
4.6%
1966–70 Lab
2.0
1970–74 Con
2.1
1974–79 Lab
1.1
1979–83 Con
0.6
1983–87 Con
4.9
1987–92 Con
3.0
1992–97 Con
2.2
1997–01 Lab
5.0
2001–05 Lab
1.6
2005–10 Lab
0.3
2010–15 Coalition
1.1
2015–17 Con
−0.1
2017–19 Con
2.4
2019–24 Con
0.1
2024–29 Lab
-0.2 central scenario
-0.4 adverse
scenario
1964–66 Lab
4.6%
1966–70 Lab
2.0
1970–74 Con
2.1
1974–79 Lab
1.1
1979–83 Con
0.6
1983–87 Con
4.9
1987–92 Con
3.0
1992–97 Con
2.2
1997–01 Lab
5.0
2001–05 Lab
1.6
2005–10 Lab
0.3
2010–15 Coalition
1.1
2015–17 Con
−0.1
2017–19 Con
2.4
2019–24 Con
0.1
2024–29 Lab
-0.2 central scenario
-0.4 adverse
scenario
1964–66 Lab
4.6%
1966–70 Lab
2.0
1970–74 Con
2.1
1974–79 Lab
1.1
1979–83 Con
0.6
1983–87 Con
4.9
1987–92 Con
3.0
1992–97 Con
2.2
1997–01 Lab
5.0
2001–05 Lab
1.6
2005–10 Lab
0.3
2010–15 Coalition
1.1
2015–17 Con
−0.1
2017–19 Con
2.4
2019–24 Con
0.1
2024–29 Lab
-0.2 central scenario
-0.4 adverse scenario
1964–66 Lab
4.6%
1966–70 Lab
2.0
1970–74 Con
2.1
1974–79 Lab
1.1
1979–83 Con
0.6
1983–87 Con
4.9
1987–92 Con
3.0
1992–97 Con
2.2
1997–01 Lab
5.0
2001–05 Lab
1.6
2005–10 Lab
0.3
2010–15 Coalition
1.1
2015–17 Con
−0.1
2017–19 Con
2.4
2019–24 Con
0.1
2024–29 Lab
-0.2 central scenario
-0.4 adverse scenario