Intergenerational Report: young Australians face tougher path to wealth
Federal report shows younger generations building wealth far more slowly than their parents, with homeownership rates sharply lower.
Australia's Intergenerational Report, released Monday, paints a stark picture. People born in the 1990s and after are better educated and will live and work longer, but wealth is coming much slower.
House prices have jumped about 400 per cent since 1999. Average incomes have risen just half as fast.
If young Australians aged 25 to 34 had held the home ownership rates of 1981, there would be about 250,000 more homeowners in that group today. The report forecasts fertility falling to just 1.34 children per woman by 2065, reshaping the economy for decades.
An older growing population and weaker productivity growth will put pressure on government spending in areas such as health and defence. Treasurer Jim Chalmers said the government is responding through housing tax changes and efforts to boost workforce, skills and productivity.
- 400 per cent since 1999
- House price rise
- Half the rate of house price growth
- Income growth
- 250,000 if ownership rates matched 1981
- Missing homeowners aged 25-34
- 1.34 children per woman by 2065
- Fertility forecast
Why it mattersIf you're under 40 and house-hunting in Australia, this report explains why the path to ownership feels so much harder than it was for your parents.
AustraliaEvery Australian saving to buy a home or planning to retire faces 40 years of economic pressure from an ageing population and slower wealth-building for younger workers.
✓ Claims checked against the source and corrected before publish. checked 3 d ago
