Young Australians needed more from this budget
Despite the framing, the budget falls short on shoring up Australia’s economic prospects and creating a fairer path to home ownership.
Despite the framing, the budget Treasurer Jim Chalmers handed down this week fell short of substantially addressing rising intergenerational concerns, including shoring up Australia’s economic prospects and helping young people gain a firmer foothold on the property ladder.
Going into the budget, the government had two goals: taking bold steps to manage current inflation and economic growth challenges, and creating a fairer path to home ownership for young people. The budget looks unlikely to deliver enough on either front.
Everyone bears the cost of Australia’s economic challenges, including current investors and older homeowners. But young people are, by definition, the major stakeholders in the future. Stalled productivity growth, inflation and interest rate pressures, rising public debt, over-reliance on income taxes instead of the GST and higher house prices will affect young people most, even though the middle class and retirees often seem to get the most attention.
The budget has taken a fresh look at housing, where the rapid price rises enjoyed by older owners have been particularly corrosive to the opportunities available to younger people. But its measures don’t go far enough.
