Young people are in the midst of an economic crisis, and experts fear it will worsen generational inequality

Many young Australians are frustrated by a lack of measures in the federal budget to address the cost of living, especially housing.

"What saddens me is that Labor is only tinkering around the edges, they're not getting to the heart of the structural issues that mean that young people are on the front line of the cost of living, housing and climate crisis," Jack Simmons told The Business. In the current economic climate, Jack Simmons says he can't set himself up for his future like older generations did.

"Higher interest rates are a real pressure point for people in their 30s and 40s, who might be paying off a mortgage. They're also a pressure point for young people that are trying to break into the housing market. The challenge of saving for a deposit, the size of the deposit required to enter the property market and the time it takes to accrue a deposit makes it almost impossible for young people in the current economic climate, she argued.

"Home ownership has implicitly become more of a retirement strategy in this country — you're much more likely to have a comfortable, secure retirement if you don't have housing costs," she said. "We've got a near record amount of projects in the pipeline of residential buildings that are approved but not get complete, so that means you have to look at the demand side for housing.

Addressing the housing crisis and making a more equitable property market for younger generations — whether it be to rent or buy — will be a time consuming process, warned CoreLogic's Eliza Owen."There's no silver bullet, and there's no overnight solution because it's been decades of policy failure that's gotten us to this point."

"So part of evolving our taxation around housing might be reducing that capital gains discount or shifting it to the long term inflation target over time and discounting it a little bit every year.

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.

Young South Australians athletes set their sights on Brisbane 2032Dozens of young athletes have taken part in a high-performance talent search at the South Australian Sports Institute (SASI), aiming to secure a spot in the Brisbane 2032 Olympic Games.
Source: 9NewsAUS - 🏆 10. / 72 Read more »

Non-Indigenous Australians taking classes to help revive Dhurga languageFifty years ago, students would be punished for taking this class. Now they're bringing this Indigenous language back.
Source: abcnews - 🏆 5. / 83 Read more »

Key date Australians must note to avoid $313 fineOctober 31 is the date every Australian taxpayer must note to avoid copping a $313 fine from the Australian Taxation Office later this year.
Source: SkyNewsAust - 🏆 7. / 78 Read more »

The longer the war in Gaza goes on, the less safe Australians feel at homeMonths of conflict in the Middle East are being felt in Australia, with many people saying the country is suffering more racism and religious intolerance.
Source: brisbanetimes - 🏆 13. / 67 Read more »

The longer the war in Gaza goes on, the less safe Australians feel at homeMonths of conflict in the Middle East are being felt in Australia, with many people saying the country is suffering more racism and religious intolerance.
Source: smh - 🏆 6. / 80 Read more »

The longer the war in Gaza goes on, the less safe Australians feel at homeMonths of conflict in the Middle East are being felt in Australia, with many people saying the country is suffering more racism and religious intolerance.
Source: theage - 🏆 8. / 77 Read more »