👍 For the first time in a long time, we’re setting up a generation to be worse off than the one before it

Liked For the first time in a long time, we’re setting up a generation to be worse off than the one before it (The Conversation)

Most Australians want to leave the world a better place for those that come after them.

It’s time to make sure we do it.

Lots of older Australians are doing their best, individually, supporting their children via the “Bank of Mum and Dad”, caring for grandchildren, and scrimping through retirement to leave their kids a good inheritance.

These private transfers help a lucky few, but they don’t solve the broader problem. In fact, inheritances exacerbate inequality because they largely go to the already wealthy.

We need policy changes.

Reducing or eliminating tax breaks for “comfortably off” older Australians would be a start.

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