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 'Thank the OZschwitz statists': Young generation could face lower living standards than parents

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'Thank the OZschwitz statists': Young generation could face lower living standards than parents Vide
PostSubject: 'Thank the OZschwitz statists': Young generation could face lower living standards than parents   'Thank the OZschwitz statists': Young generation could face lower living standards than parents Icon_minitimeTue Dec 09, 2014 9:52 pm
The promise of each generation enjoying higher living standards than its parents' generation is at risk in Australia, partly due to ballooning spending on older people funded by deficit budgets, according to a new Grattan Institute report.

'Thank the OZschwitz statists': Young generation could face lower living standards than parents 1418171963692

The report, The Wealth of Generations, shows how older Australians are capturing a growing share of the nation's wealth, while the wealth of younger Australians has stagnated.

"The generational bargain, under which each generation of working Australians supports retirees while still improving its own standard of living, is at risk," Grattan Institute CEO John Daley said.

The report finds that the housing boom plus rapid increases in government payments on pensions and services for older people risks creating a generation of young Australians with a lower standard of living than that of their parents at a similar age.

http://www.smh.com.au/federal-politics/political-news/young-australians-could-face-lower-living-standards-than-parents-20141210-123jd2.html
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