Australia's wellbeing has not improved for two years as the economy lumbers in the aftermath of the mining boom.
The Fairfax-Lateral Economics Wellbeing index, which measures changes in national welfare, put the value of Australia's wellbeing at $364.8 billion in the   June quarter. 
While that was 1.1 per cent higher than in the first quarter of this year, it was not enough to lift the index above where it was in mid-2013. The index shows that national wellbeing was in decline in the months before the Abbott government was elected - two years ago on Monday - and has been stagnant since.
One factor has been weak growth in net national income, a key component of wellbeing. It grew strongly in the years before the 2011 peak in the mining boom.
But since then, a decline in the terms of trade - the prices Australia receives for exports relative to the prices it pays for imports - has taken a toll. The national accounts released by the Bureau of Statistics on Wednesday showed real net national income per head fell 1.2 per cent in the   June quarter, the biggest slide since the global financial crisis. This was offset in the   June quarter by a solid increase in human capital - a measure of collective know-how partly due to an increase in the proportion of adults with a higher qualification. The report says close to 60 per cent of those aged between 20 and 64 years now have a post-school qualification (defined as Certificate III level or above). A decade ago the proportion was just 47 per cent.
The index's health component includes a range of factors to estimate the wellbeing impact of changes in Australia's health. It showed the wellbeing cost of obesity and untreated mental illness outweighed positives such as longer life expectancy and preventable hospitalisations in the   June quarter.
The cost of obesity to Australia's collective wellbeing reached $131.3 billion in the year to   June, which was 5.8 per cent higher than the previous year. The annual wellbeing cost of untreated mental illness reached $196.4 billion, up 1.9 per cent on the previous year.
Index components on environment, work satisfaction and inequality were also proving to be a modest drag on collective wellbeing.