Generation to pass on eye-watering $224b a year

A new report has found Gen X and older Millennials can expect to inherit an eye watering $3.5 trillion in the coming years and the cash won’t be confined to the super wealthy, with even the poorest Australians expected to receive a windfall.Wealth transfers are getting bigger too with over $120 billion passed on in 2018, more than double that in 2002 and more than the federal government spent on health that financial year, found the Productivity Commission.

“Hence wealth transfers tend to reduce the share of wealth held by the richest Australians and our projections show this is likely to continue. This might be a surprise to some, but it’s been found in every other country that’s been studied.” “Inherited wealth is only a modest contributor to intergenerational wealth persistence. About one third of this observed persistence is due to inherited wealth. The rest comes from all the other things parents give to their children – education, networks, values and other opportunities,” Productivity Commissioner Lisa Gropp said.

I can’t wait to be lucky enough that my parents die…..

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

No ‘great hopes’ for Q+A’s returnwho cares what sky thinks Terry ...But its still got TV ratings that some folks in News Corp/SKY could only dream of. They tried to be less obviously biased to the left and the audience who are all lefties didn't like it and turned off.
Source: SkyNewsAust - 🏆 7. / 78 Read more »

Bushfire-affected community asks for water storage, gets dance lessonsResilience NSW officers determined in February the dance classes were “meritorious” but could not be funded under the bushfire recovery grants program. They funded them anyway. HatAlexander Say thank you Gladys. HatAlexander Where is all the money that was raised through various appeals and fund raising efforts? Communities affected should be able to access this sort of thing without question. HatAlexander Typical of an organisation managed by Shane Fitzsimmons.
Source: smh - 🏆 6. / 80 Read more »

‘Absolute chaos’: F1 stunned as chaos erupts at Saudi Arabian Grand PrixF1 fans could barely believe what they were seeing as the Saudi Arabian Grand Prix descended into chaos on Monday morning.
Source: newscomauHQ - 🏆 9. / 77 Read more »

Out-of-control boat launches onto parked ute at Perth rampCCTV captured the moment the boat came flying into the ramp, where the impact with a waiting trailer caused it to lift out of the water and land on a nearby ute. JC ....guy near jetty came very close to being killed . Boat operator better have insurance. The One That Got Away!
Source: 9NewsAUS - 🏆 10. / 72 Read more »

Children as young as five will be able to get a COVID-19 jab 'before school returns'The head of Australia's vaccine rollout expects every child between five to 11 years old will be able to get their first dose by the start of the next school year: Wich government was it again who wanted to drop consensual sex from 16 to 14. Yea right. Sick fucks. Next, articles about how climate change is increasing the incidence of heart problems in children... SBS Parents need to say no to this bullshit
Source: SBSNews - 🏆 3. / 89 Read more »

Child rushed to hospital after Sydney dog attackA thirteen-year-old boy has been rushed to hospital after a dog attack in Sydney. 9News
Source: 9NewsAUS - 🏆 10. / 72 Read more »