This is the best summary I could come up with:

But whatever Wednesday's data shows, the truth is we are already experiencing the biggest dive in living standards in half a century — and have been for two years.

Previous dips in household disposable income per capita have been accompanied by high unemployment, concentrating the pain in the unlucky group looking for work at the time.

Looked at through a longer-term lens (the longest the bureau's spreadsheets allow) the latest dive in real household disposable income per capita is the biggest in half a century.

This appears to date back to a 1974 New York Times article, written by a US business cycle expert Julius Shiskin.

Three decades ago, after the release of the September 1990 national accounts on November 29, Treasurer Paul Keating declared they showed Australia in recession.

A "recession" even briefly appeared after revisions to the 2000 national accounts, under Prime Minister John Howard and Treasurer Peter Costello.

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