Things are looking up for young Aussies

At last... some financial relief is on the cards.

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A year ago, there wasn’t a lot of joy around for Gen Z and younger Millennials. This cohort of adults aged up to their mid-thirties typically couldn’t afford to buy a house without help from the Bank of Mum and Dad. They were saddled with an average tertiary debt of $28,000. Many could not afford to move out of the family home, and those renting found their rents rising.

Parents are under enormous pressure to help their adult kids financially. I have friends who have sold their homes or raided their superannuation to unlock capital to help their children financially. Some are even delaying retirement and working into their seventies to help their children who are in their thirties. Some have moved closer to their children, who cannot afford to live near their parents, to help with childcare. Without their parents’ support, housing and student debt can be a struggle.

But in the lead up to the May 3 election, it was a relief to see the economic needs of Gen Z and Millennials become a focus. The Labor government offered significant sweeteners to win their support. In return for their votes the Albanese government is helping them with housing affordability, offering free TAFE courses, student debt relief and expanded bulk billing of their healthcare costs.

What's on offer in 2025

Help to Buy scheme

The government is making it easier for all first-home buyers by boosting the Help to Buy scheme, where the government guarantees part of the home deposit so buyers can enter the housing market earlier. It works like this: the government takes up to a 30% share of an established home and a 40% stake in a new build together with the first-home buyer.