Why the kids are not alright

Faced with slower income growth and skyrocketing house prices, many young Australians will have a lower standard of living than their parents.

It smacks of wishful thinking to hope that a generational decline in wealth and living standards for younger Australians won't become a reality, as the Grattan Institute warns in a new report.

The growing inequality between young and old that has become apparent in the UK over the past decade, and in the US though for slightly different reasons, is exactly the future that lies ahead for Australia if there are no changes in policy settings.

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