The AFR reports that Australians are facing an unprecedented “income squeeze” forcing us to raid our savings at rates not seen since the GFC. Andrew Charlton, co-founder of economic advisory firm AlphaBeta says "Australia's living standards are falling on a sustained basis for the first time in 50 years – this is not a short-term trend.” Saul Eslake, Chief Economist at BoA Merrill Lynch says "The fall in the savings ratio is not a good thing. It's not a sign that we're now more confident and going out and borrowing, because if that was happening, how come consumer spending is soft?" (VIEW LINK)