Housing advocates have warned the government to not neglect growing wealth inequalities among people under 35. According to ABC News, the Australian Council of Social Services (ACOSS) has called for a focus on the wealth divide both within and across generations, particularly following a Senate inquiry into intergenerational housing inequity.

ACOSS highlighted that older households held the majority of the country’s wealth, with individuals under 35 holding just 7 percent of it. The wealthiest 10 percent of households own 25 times as much as the lowest 60 percent on average. Jacqueline Phillips from ACOSS noted the increasing wealth gap within younger cohorts, stressing the importance of recognizing significant disparities that are not solely age-related.

The issue of renting also came into focus, with the national group Better Renting advocating for renting to be classified as an essential service. Chief executive Angela Cartwright pointed out that despite the federal government’s previous promises to improve rental conditions, only the Australian Capital Territory and Victoria have implemented new minimum energy-efficiency standards for rental properties.

Cartwright called on the federal government to fund incentives for landlords to meet these standards, while also protecting renters from evictions and rent increases. She emphasized that systemic inequities in the housing market require government intervention.

The challenges faced by younger Australians in achieving home ownership were further echoed by content creator Jack Toohey, who noted that rising house prices are making traditional milestones increasingly unattainable. He remarked on the societal pressure linked to home ownership as a measure of success.

Experts, including Martin Duck from the University of Sydney, pointed out that wealth inequality is particularly pronounced among those under 35, who are often competing against wealthier peers who have received financial support from their families. Duck warned that as inheritances totaling more than five trillion dollars are unevenly received in the next 20 years, the existing wealth disparities are likely to worsen unless policy changes are implemented.