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<\/p>\nWhether you\u2019re for it or against it, the economy is on everyone\u2019s lips.<\/p>\n
The Federal budget, according to the treasurer, is the most ambitious reform of the last 25 years – a fix for the intergenerational inequality plaguing our country which has been driven by the crisis in housing affordability.<\/p>\n
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Amid experts declaring the changes will take 20 years to work, Chalmers claimed he\u2019s making it easier for young Aussies.\u00a060 Minutes<\/p>\n
The good news is economists say it will most likely work.<\/p>\n
The bad news, they concede, is it will take at least 20 years.<\/p>\n
So where does that leave the very people the budget was designed to help?<\/p>\n
First home buyers fear it\u2019s now even harder to break into the property market and experts agree their dreams have been crushed – they\u2019re Australia\u2019s lost generation.<\/p>\n
Ever since the budget was handed down in May, Treasurer Jim Chalmers has added \u201csalesman\u201d to his job title.<\/p>\n
He agreed to explain his reforms, which have been described not only as the most consequential in 25 years but also some of the most unpopular.<\/p>\n
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The Federal budget, according to the treasurer, is the most ambitious reform of the last 25 years – a fix for the intergenerational inequality plaguing our country which has been driven by the crisis in housing affordability.\u00a060 Minutes<\/p>\n
When asked by Tara Brown if he intended to make life harder for younger Australians, he replied: \u201cOf course not.\u201d <\/p>\n
\u201cI mean, this is all about making it easier for young Australians to buy their first home and it\u2019s also about cutting taxes for workers and better aligning the tax treatment of labour income and asset income,\u201d he said.<\/p>\n
Amid experts declaring the changes will take 20 years to work, Chalmers claimed he\u2019s making it easier for young Aussies.<\/p>\n
\u201cWe are ensuring that when people go to auctions, for example, they aren\u2019t competing with people subsidised by the taxpayer buying their 10th or 12th or 15th home,\u201d he said.<\/p>\n
\u201cWe understand that the reaction in some quarters will be spirited. <\/p>\n
\u201cWe understand that people will say and do anything to defend this broken status quo, but for too long, too many Australians have been locked out of the housing market, and that\u2019s why we\u2019re acting to address it.\u201d<\/p>\n
When Tara told him it wasn\u2019t \u201cjust the voices of the status quo,\u201d adding, \u201cit\u2019s young people today suffering,\u201d the treasurer replied: \u201cYou need to be careful where you get your news from.\u201d<\/p>\n
Tara said by investing in other income streams like shares or starting new businesses, young Aussies are now finding Chalmers has made it both harder and longer for them to achieve their dream of buying their first home with the proceeds from that wealth.<\/p>\n
The treasurer responded: \u201cThat is overwhelmingly not the experience of young people in our economy and in our communities.\u201d<\/p>\n
Boost Juice founder Janine Ellis, who has slammed the budget on social media told 60 Minutes if she was starting her business today she\u2019d consider doing so overseas.<\/p>\n
\u201cI\u2019d describe it as a budget that crushes innovation, which will create fear, and it\u2019s a budget that does not encourage businesses to grow, which is the engine room of this country,\u201d she said.<\/p>\n