If you were alive in 1975, it probably doesn’t feel like it was that long ago.

In 1975, the Vietnam War ended; Medibank, Australia Post and Telecom (now Telstra) were formed; and Gough Whitlam was sacked.

That was all 40 years ago.

Much has changed in the four decades since those momentous events. Gen Ys, Gen Zs and Generation Alphas have been born. The internet, digital media, smartphones and social media took over our lives. Multiculturalism became a reality with Australia now a rich tapestry of different cultures.

Back then, we watched Jaws. Now, we watch The Lego Movie.

In 1975, the Australian population was 13.7 million people while in 2015 we’re nearing 24 million. The median age in the country was in the late 20s while today it’s 37.3.

But what else has changed? McCrindle Research has crunched the numbers:

EARNINGS
In 1975, the average full time earnings were $7618. Today, it’s almost 10 times more at $72,000.

BREAD
Back then, a loaf of bread cost 24 cents. Today, it costs $2.84 — we’re talking about proper bread here, not the 85 cents stuff.

MILK
One litre of milk used to cost 30 cents. Now, it’s closer to $1.45 a litre.

NEWSPAPER
The paper used to set you back 12 cents. Today, you’ll pay $2.50, about 20 times more.

PETROL
You probably think petrol is now dirt cheap at $1.20 a litre after world oil prices tanked recently. Well, in 1975, petrol was 57 cents a litre. It’s only just over double the cost.

HOUSING
Property is where the really scary figures come out.

In Sydney, the average house cost $28,000 in 1975. Today, it costs $850,194. That’s 30 times as much as it used to be. Your 10-times as much annual earnings isn’t looking too great right now, huh?

Melbourne is even worse, at 31 times the cost of 1975. Back then, the average house was $19,800. Now, it’s $615,068.

In Brisbane, it’s 27 times higher from $17,500 to $473,924.

In Adelaide, it’s 28 times higher from $16,250 to $459,258.

In Perth, it’s 32 times higher from $18,850 to $604,822.

In Canberra, it’s 21 times higher from $26,850 to $573,326

In Hobart, it’s 21 times higher from $15,200 to $322，274

YOUNG PEOPLE
Demographer Mark McCrindle said that while in some areas, the cost has been maintained but it’s in our demand and supply model of housing where the cost has blown out.

“There are 10 million more people than there was 40 years ago,” he said. “Households are a bit smaller so we need more homes than we used to and there are also foreign buyers and investors as well. So there’s a lot more demand than supply.”

Mr McCrindle said Australians should expect the rising cost of housing to continue and that young people will be in a much tougher situation than their parents were.

Those that dispute that young people today may have a tougher time than their parents usually like to argue that their parents had to deal with higher interests rates than Gen Ys today. But Mr McCrindle said that while that’s one factor in favour of young people, it’s not the whole picture.

“Lower interest rates are also making young people more comfortable with debt and many of them are now saddled with debt on depreciating valued items. But apart from interest rates, young people have also had to pay for university degrees, which their parents didn’t have to. And there are new categories such as internet connection and technology devices which their parents didn’t have to pay for. Those are basic things now, they’re essential.

“Back then, people started their economic lives at zero. Gen Y are now starting their economic lives in debt. That’s part of the challenge for young people today.”

Source：www.news.com.au