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Younger Australians face a harder path to wealth, report shows
Home ownership rates among young people are lower than in the 1980s. (ABC News: John Gunn)
Australia's latest Intergenerational Report shows younger generations are working longer and finding it harder to build wealth and buy a home than those before them.
Falling fertility and an aging population are also expected to reshape the economy and put greater pressure on government spending in the next 40 years.
Treasurer Jim Chalmers says the government is tackling these challenges through housing tax changes and measures to boost Australia's workforce, skills and productivity.
Younger Australians face working longer and struggling more to buy a home without the same early gains in income and wealth experienced by the generations before them.
More Australians will be dying than being born in 40 years as major report predicts future of lower growth
Seventh intergenerational report also outlines how Australia is at cusp of an uncertain age of artificial intelligence
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There will be more Australians dying than being born in 40 years’ time, according to the government’s latest intergenerational report, which lays bare the fundamental challenges of managing an ageing population at a time of rapid change and lower economic growth.
The country’s seventh IGR also outlines how Australia is at the cusp of a new and uncertain age of artificial intelligence that will shape the economy and society over the coming four decades.
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