Half of young Aussies reliant on ‘bank of mum and dad’

History doesn’t repeat but it sure does rhyme. With the Australian property bubble back in full swing, the ‘bank of mum and dad’ is once again on the rise:

The “bank of mum and dad” is helping adult children with not only housing costs but everything from fuel and phone bills to holidays, a new survey shows.

More than half of Australian parents surveyed subsidise the lifestyles of their adult children, with almost 40 per cent letting them live rent-free and about the same proportion paying for their groceries.

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