It’s the great heist of our times. At this federal election, “the youth” will seize the initiative from the old folks and vote on the issues which matter to them. What they want, according to experts, is for “government” money to be pumped into housing, more renewable energy, free stuff – such as TAFE and discounted higher education (HECS) loans for university tuition, and more government programs to stop them feeling bad about themselves (mental health) and others (discrimination).

Anthony Albanese takes a selfie with Queensland University students and staff. Credit: Alex Ellinghausen

The narrative has taken hold among voters under 40 that this money is somehow going to set things to rights for young people facing declining living standards. Well, the joke’s on them: the money they’re awarding themselves doesn’t appear from thin air or get creamed from “the rich”. It’s money they’re borrowing from their future selves and their prospective wealth.

The wrong-headed story is the reason midlife Millennials are struggling to get ahead, though most haven’t yet reached the stage of insight into how it happened. But as this cohort hits midlife, it’s becoming clear that the standard of living their parents enjoyed is simply not going to be available to them. Their rent is going up, eroding their ability to save. They’re despairing of ever being able to afford to buy a house anywhere near where they work, let alone in the pleasant environs in which they grew up. If they have dared to have children, they’re starting to worry about the quality of education they........

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