In the last federal election, the enthusiasm of younger Australians played a pivotal role in propelling the Labor Party and Anthony Albanese into power. However, recent research conducted by the youth advocacy group Think Forward reveals a disheartening shift in the sentiments of Generation Z and Millennials towards the Australian government.
The Bridging the Generational Gap report, released on Thursday, paints a stark picture of disillusionment, with a staggering 87 per cent of respondents expressing a lack of faith in the government’s commitment to supporting the aspirations of the youth.
An additional 69 percent hold the view that older generations do not contribute their equitable portion, and 75 percent advocate for the abandonment of stage three tax cuts. Additionally, 73 percent of those surveyed express the belief that eliminating negative gearing provisions and capital gains concessions for property investors would enhance the fairness of the tax system.
Kira Todd, a student in Melbourne, has observed numerous government decisions that marginalize young people and “reinforce a system that prioritises wealthier and predominantly older Australians.”
At 24 years old, Ms Todd contends that policies overwhelmingly favour wealthier and older demographics at the expense of young individuals, students, and those with lower incomes. She points to the stage three tax cuts as a glaring example of this disparity.
Ms Todd highlights that the annual expenditure of $25 billion on these tax cuts, primarily benefiting individuals earning $180,000 per year, will inevitably require funding from other sources.
Thomas Walker, an economist and the chief executive of Think Forward, remarked that numerous young individuals are facing financial pressure precisely when they are endeavouring to establish their lives.
Generational inequality has significantly heightened the challenges associated with traditional milestones enjoyed by older Australians in the past, such as pursuing education, starting a family, establishing a business, or purchasing a home.