How will Australia's younger generation get ahead?

[Dona Ferentes]

Those figures seem rather logical, when we are in our 50s our parents would be in their 70s and 80s and folk tend to die around about then.

In time, the now grandkids, will inherit the wealth from their parents and so it continues on in perpetuity.

I am always amazed that these sort of studies seem shocked to discover the Bleeding Obvious

Well, that's the point. it's just information.

 

[Knobby22]

In Australia we heavily tax earnings but lightly tax wealth to the disadvantage of the young.

We could provide tax cuts to working people if the balance was improved.

 

[Smurf1976]

The trouble with tax reform proposals in Australia is they're invariably directed at the middle and never at the upper.

In the context of Australian debates about tax, having $10 billion is not rich. No, being rich means you have a 3 bedroom house in the suburbs, a 10 year old very ordinary car and enough assets to spend $45k a year in retirement. That is rich and it's those greed people who are invariably the targets, never those struggling with a mere $10 billion to their name who are spared any pain.

Hence such proposals usually are met with firm opposition and go nowhere. The media and some sections of politics portray that as Australians being opposed to tax reform but in truth, they're not opposed to reform as such. They're just opposed to reform that robs old mate Bob the bus driver of his hard earned retirement whilst leaving bona fide billionaires breathing a sigh of relief that nobody's taxing them.

If we want to actually fix the problem then it's down to putting an end to the housing ponzi scheme, redirecting the economic focus back toward investment in productive enterprise, and putting a major emphasis back onto the concept that effort brings reward. Working and investing for your own future needs to be encouraged not punished.