Young Australians' home ownership rate at an 80-year low, report shows

Australia's young generation is experiencing a housing market crisis, according to Anglicare's new Falling Behind report. Home ownership among 25-34 year olds has hit an 80-year low, highlighting the growing generational inequality. Kasy Chambers, Anglicare Australia's executive director, attributes this trend to a perfect storm of factors.

Young Australians are facing an uncertain job market, increased costs, and longer study periods, all of which make saving for a home deposit more challenging. Despite these challenges, older Australians' wealth has grown significantly, while young people are bearing the brunt of rising living expenses. The government's recent tax changes aimed at investment properties and shares are seen as a positive step, but Chambers believes more needs to be done to address the wealth gap.

She also calls for a reform of the Youth Allowance payment, arguing that young Australians should receive the same level of support as older people despite facing similar costs.