Unions want to tackle intergenerational inequality by reforming Australia’s tax system. For the first time in living memory, younger Australians risk facing lower living standards than those before them. This is not acceptable to the union movement, so our one big idea is to rebalance the tax system so that productivity gains are fairly shared, housing becomes more affordable, and essential services are properly funded.

Australia’s current tax system is exploited by big business and the ultra-wealthy, entrenching intergenerational inequality and placing affordable housing out of young workers’ reach, which threatens the services and infrastructure we all rely on.

We need a minimum 25% tax on gas export revenues, a minimum 25% tax for trust funds and individuals earning more than $1m, and a one investment property limit for negative gearing and the capital gains tax discount benefits, with the grandfathering of current arrangements for five years. These changes have a simple intention: to make sure everyone pays their fair share, so productivity gains flow across society fairly.

These proposed reforms would help restore fairness and opportunity for young Australians to get ahead in their lives.

For the past 25 years, productivity increases have gone back into........

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