The Intergenerational Report released by Treasurer Jim Chalmers paints a picture of young people struggling to buy homes, slowing income growth and more strain on the federal budget.
Millions of Australians will miss out on home ownership as the nation heads towards a long period of slow growth in household incomes, forcing more people to fall back on the age pension to pay for shelter.
The Intergenerational Report heightens the dispute over housing by revealing the pressure on the budget as more people head towards retirement without owning homes, forcing them to dip into their super or fall back on the age pension to pay rent.“The decline in home ownership is most significant for younger age groups,” the report says.“These trends present a fiscal risk to age pension spending in the future and may impact patterns of how superannuation is drawn down.
“Our aged care system relies on people’s homes for funding. But more and more people will be renting for life.” Shadow treasurer Angus Taylor accused the government of releasing the new forecasts without telling people how it would fix the problems. But spending on education will flatline as the ageing population means fewer children and thus less demand for schooling.
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