Australia is at risk of "giving up on equity" if governments fail to reform housing and tax policies to improve the economic prospects of younger generations, according to Ross Garnaut, one of the country's most respected economists.
Australia is at risk of “giving up on equity” if governments fail to reform housing and tax policies to improve the economic prospects of younger generations, one of the country’s most respected economists has warned.
It comes as experts grow increasingly concerned that the cost of living challenges could worsen generational inequality, as young Australians become more frustrated over the current economic circumstances.
Ross Garnaut, an emeritus professor of economics at the University of Melbourne who has spent his career working in public policy, said young people are rightly justified in feeling as if the economy is stacked against them.
Asked whether the housing crisis was influencing how young people approach university and their careers, Professor Garnaut said in his view, it was affecting “their attitude to life”.
Professor Garnaut said that when taking high immigration levels into account on top of those supply factors, it has created “very tight” conditions, although they are expected to ease.
Professor Garnaut also disputed the idea put forward by the Coalition to stop foreign investors from purchasing existing homes as a way to address the housing crisis.
The original article contains 866 words, the summary contains 183 words. Saved 79%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Australia is at risk of “giving up on equity” if governments fail to reform housing and tax policies to improve the economic prospects of younger generations, one of the country’s most respected economists has warned.
It comes as experts grow increasingly concerned that the cost of living challenges could worsen generational inequality, as young Australians become more frustrated over the current economic circumstances.
Ross Garnaut, an emeritus professor of economics at the University of Melbourne who has spent his career working in public policy, said young people are rightly justified in feeling as if the economy is stacked against them.
Asked whether the housing crisis was influencing how young people approach university and their careers, Professor Garnaut said in his view, it was affecting “their attitude to life”.
Professor Garnaut said that when taking high immigration levels into account on top of those supply factors, it has created “very tight” conditions, although they are expected to ease.
Professor Garnaut also disputed the idea put forward by the Coalition to stop foreign investors from purchasing existing homes as a way to address the housing crisis.
The original article contains 866 words, the summary contains 183 words. Saved 79%. I’m a bot and I’m open source!