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Australia’s economy has enjoyed considerable success in recent decades, reflecting strong macroeconomic policy, structural reform and the long commodity boom. Living standards and well-being are generally high, though challenges remain in gender gaps and in greenhouse-gas emissions, and further challenges arise from population ageing.
The middle class has shrunk in most OECD countries, says this report, as younger generations face growing economic pressure. While almost 70% of baby boomers were part of middle-income households in their twenties, only 60% of millennials are today.