The rocketing price of housing and rapid inflation in prices for unavoidable goods, such as food and fuel, have created a cost-of-living crisis. And this has gone on to fuel a generational split in income.
At Mt Hotham in Victoria's High Country, Steve and Margaret were among many Baby Boomers who acknowledged there was a generational split in how people were spending.
Separately, house prices and the share market are rising too, providing a nice cushion for households with superannuation and investments. So even though the interest rate number got smaller, the larger mortgages made things harder than they had been earlier. It said the difference in spending was "consistent with differences in household balance sheets" because older households benefited from higher interest rates and had greater assets to smooth through income shocks.
"Renters have experienced a sharp increase in their rent payments because of the tight rental market.
Baby Boomers Gen X Generation X Inter-Generation Inequality
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