Australians are largely growing up to be better off than their parents, but there are risks younger generations may not gain much ground.
About two-thirds of “Xennials” were earning more than their parents did at a similar age.Younger Millennials are the first cohort that hasn’t seen its incomes rise relative to those born a decade earlier.Australia is the land of the fair go, according to the Productivity Commission, with most people able to get ahead based on their talents and available opportunities and able to earn more than their parents.
Productivity Commission chair Danielle Wood said economic mobility was important because it meant people’s hard work and talent determined their life outcomes rather than how well their parents did.“We do have a high degree of mobility. So we’re not trapped by where our parents were on the income distribution, it seems to have very little impact on where we end up.”
Long-term economic growth has also been key to helping each generation earn more than before, Wood said. “If your parents were very well-off, you’re more likely to be very well-off. Conversely, if your parents were poor or in poverty, you’re more likely to end up there,” she said. Wood said wealthier parents have a greater capacity to invest in their children’s education and could also help their children build wealth by helping them into the housing market or through inheritances.
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