Tuesday, 23 August 2016 // Sydney
ONLINE VOTING OPEN
CEO, The Grattan Institute
Writer, creative powerhouse at ABC
Social commentator, futurist
Chair: Dr Simon Longstaff AO
Young people whinge that baby boomers had it all. Free education. A burgeoning economy. Affordable homes. They now enjoy tax breaks on super contributions and property investments. This has been driving up housing costs, cutting young people out of home ownership and making boomers the wealthiest Australian demographic.
According to the Grattan Institute, these financial concessions are paid for by budget deficits that result in higher taxes for younger generations. Grattan found home ownership among boomers and the lack of it among younger people is creating a generational wealth gap never seen before in Australia. Young people are earning and saving more than ever but are relatively poorer than anyone the same age before them.
Ask boomers about young people and they might say they’re too old to be living at home, spend too much on clothes and want everything fast and free. Australia is expensive but it’s also one of the most prosperous countries in the world, built upon the work and growth of a generation now entering retirement.
Should the young suck it up, respect their elders and work hard to do more for a large, ageing population that will require huge improvements in aged care? Or do boomers owe a debt to the young?
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