Housing isn’t just a young people problem. We know how this story ends

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When we debate intergenerational fairness, it often looks like younger Australians lamenting the selfishness of Boomers and those Boomers calling Zoomers “entitled” for wanting more.

But as with most things that are controversial, the story isn’t as simple as David versus Goliath or, for that matter, young people needing to suck it up and pull up their socks.

The truth, as suggested by a report from the Actuaries Institute – which represents the profession that uses maths and data to manage risks – is that life is (broadly speaking) better for all generations than it was several decades ago, but not as fair as some of the “back-in-my-day” retorters might try to make it out to be.

For example, the institute’s research, which draws on data from the Australian Bureau of Statistics and HILDA (Household, Income and Labour Dynamics in Australia) surveys, shows that younger Australians have experienced some big gains in health and education over the longer term compared with older generations.

The PM’s about to offer selfish Boomers like me a chance at redemption

Peter HartcherPolitical and international editor

Political and international editor

However, when it comes to economic, housing, social and environmental factors, the trend is less favourable for younger generations, outweighing the positives and ultimately widening the gap between younger and older age groups.

The current gap between generations is narrower than the record reached in 2019, says Dr Hugh Miller, one of the actuaries leading the research. That’s largely thanks to government policies focused on working-age people during the pandemic, such as JobKeeper, as well as lower post-pandemic interest rates which helped some younger Australians get a toehold in the housing market.

Unemployment has also been hovering at its lowest level this century since about 2022, meaning it’s been a great time for many young people to enter the workforce (although we’re yet to see the full effect of AI on jobs).

But economic, housing and social pressures are........

© Brisbane Times