A rapidly ageing population means younger people will be called on to pay higher taxes. They want to talk about who gets taxed, and where the funds actually go.
Young professionals who spoke toabout the extra economic burden the report predicted they will have to bear supported reform across a broad range of tax types, but honed in especially on one area: property.
“When it feels like you’re the generation who’s constantly giving, and not getting anything back ... I think that’s where it becomes really complex.”Ms Smith owns her home with her husband, a banker, but says she feels “almost guilty” about it – it wouldn’t have been possible without an inheritance he received, and her own parents going guarantor.
“In Australia, property is such a store of wealth compared to similar countries and because it is essentially conceived as an asset class, it is probably fairer that it is taxed as such, with the exception of the family home,” Ms Brodie said. “I get so frustrated with the mainstream discourse being solely hinged on boosting supply,” said Ms Body, 32. “Of course that’s part of it, but if we don’t fix issues around tax settings and property investment, more supply will just mean more opportunities for investors.
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