Reading through recent discussions about Australia’s “lost decade” of wage growth has stirred up some deeply troubling thoughts. The latest research from Per Capita think-tank paints a stark picture of how the 2012-2022 period of wage stagnation has fundamentally altered the Australian dream of home ownership.

The numbers tell a devastating story, but they barely scratch the surface of what this means for real people. My daughter, now in her teens, often talks about her future, and I find myself struggling to give her honest answers about housing affordability without crushing her spirits entirely.