The New Daily’s Rod Myer reports that people over the age of 65 have experienced the biggest increase in their wealth in the 16 years to 2018, whereas people aged between 18 and 34 experienced minimal improvement.
Conny Lenneberg from the Brotherhood of St Laurence says one of the reasons for the intergenerational disparity in wealth has been the decline in the number of full-time jobs for younger people. This has occurred at the same time as house prices have boomed, making it harder for young people to get into the housing market:
“In the past 10 years, there has been a decline in full-time work available for younger people year on year,” [Conny Lenneberg] told The New Daily.
The full text of this article is available to MacroBusiness subscribers
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
