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Housing and Land Costs vs Minimum Wage: An Example from Carlton

Sarah Morgan recently discovered an old newspaper from 1969 which contained the following advertisement:

It seems appropriate to compare this will minimum wage rates.

Minimum Wage Australia, 1969 c$1.39
Rent of a 2 bedroom flat, Drummond Street Carlton: $21 pw.
Hours worked to pay for 1 week's rent: 15.12

From https://www.fwc.gov.au/waltzing-matilda-and-the-sunshine-harvester-facto...

Minimum Wage Australia, 2019, $19.49
Rent of a 2 bedroom flat, Drummond Street Carlton: $500pw
Hours worked to pay for 1 week's rent: 25.65

From: https://squareup.com/au/en/townsquare/minimum-wage-australia
From: https://www.realestate.com.au/property-apartment-vic-carlton-427976558 (cheapest 2 bdrm selected)

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