The party is over: will the productivity clean-up begin?

Real per capita net national disposable income in that case would fall even more. This would be a 'double whammy', reducing average real living standards.

Sustainable increases in Australian living standards require sustainable increases in productivity, and/or, if we're happy to work more, increased workforce participation. Falling terms of trade mean Australia must produce more for less purchasing power, and even more again to support aspirations for increasing living standards.

Australia's current mining price boom is over. We can't 'coast' on rising commodity prices in future.

Our productivity challenge is increasingly exposed. Until we meet that challenge, real domestic income won't increase enough to lift per capita economic well-being. Courtesy of the ABS, we have been warned – again.

We should pay much closer attention to real gross domestic income, real net national disposable income, productivity, participation and real unit labour costs in the quarters and years ahead.