1 in 8 Aussies 'living in poverty'

A recent study conducted by Credit Suisse found that Aussies are the wealthiest people on the planet thanks to the nation's steady economy and booming mining sector.

However, new research from the Australian Council of Social Service (ACOSS) has painted a very different picture.

The organisation has revealed that 12.8 per cent of the country is currently living below the internationally-accepted poverty line.

ACOSS representatives said this is the most thorough study of its kind since 2006 and little has been done in the past six years to help Aussies who are on the breadline.

Living costs have spiralled out of control and now one in six children are deemed to be living in inadequate conditions.

Many people are finding their wages do not cover their living expenses and there is simply no way households in this situation can put money into savings accounts.

Chief executive officer at ACOSS Cassandra Goldie said for such a wealthy country, the number of Aussies who are struggling so badly is "inexcusable".

"This report reveals that despite years of unprecedented growth and wealth creation, we have made little ground in combating the scourge of poverty," she added.

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