Many younger Australians now see their path to financial security as steeper than it was for those before them, and that frustration is shaping how they think about politics, money and opportunity. A recent study from a public policy research organisation examines Gen Z and Millennials not as one unified bloc but as several distinct “tribes” with clashing views on how to solve economic and social problems.
The report finds that about two thirds of young Australians believe it is harder for them to get ahead than it was for older generations, and close to half say they worry about the future most or all of the time. Researchers highlight that a sense of control over one’s own life is a major driver of wellbeing, and argue that policies that allow younger workers to keep more of what they earn could strengthen that feeling of personal agency.
Canberra is trying to respond. The federal government is preparing a budget that makes “intergenerational equity” a central theme, with Treasury examining ways to pare back tax settings seen as favouring older, asset rich Australians. Areas under review include the tax treatment of investment properties, capital gains concessions and private trusts, following a parliamentary inquiry that found current rules tend to tilt housing ownership towards investors rather than people who want to live in the homes they buy.
For young people, housing looms especially large. The research points to housing affordability, financial insecurity and lack of time as the biggest perceived barriers to success, yet only around 4 in 10 feel they have any real control over these obstacles. Policymakers and campaign groups are floating options such as reducing discounts on investment gains and winding back negative gearing, then using the extra revenue to lower income taxes in an effort to shift the balance back towards younger workers and first home buyers.
The generation itself is far from united on what should happen next. Around 18% lean strongly progressive and see large scale wealth redistribution as the answer while about 12% look to hardline conservative solutions, calling for stricter borders and a return to traditional values. Another 16% tune out from politics altogether, staying broadly optimistic but largely disengaged from debates over tax and economic reform, instead focusing on whether they can cover everyday costs like rent, groceries and bills.
All this leaves governments and businesses trying to engage with a youth cohort that looks more fragmented than any in decades. The data suggests young Australians generally back changes to housing and tax policy, yet they differ sharply on how fast change should happen and which levers to pull. Treating them as a single predictable voting bloc risks missing key groups who want more control over their lives without seeing older generations punished, and any lasting reform will probably need to speak directly to that desire for fairness and agency.
