For much of Australia’s history, each new generation has been better off than the last: better jobs, higher incomes and improved living standards. But could this intergenerational compact – the promise that young Australians will be better off than their parents and grandparents – now be in doubt?

This report highlights how today’s young Australians differ from previous generations and explores what this means for their economic security, work opportunities, living arrangements, path to independence and overall wellbeing.

Whether young Australians will be better off than previous generations remains an open question. The answer will, in part, depend on the choices policymakers make today. For policymakers seeking to ensure that the intergenerational pattern of improvement continues, this report offers three implications:

1. Policymakers need to distinguish between whether young Australians are reaching major life milestones – like moving out of home, starting families and buying a home later than previous generations, not reaching them at all or simply changing their preferences.
2. Gender and geography are emerging as particular markers of inequity among young people, suggesting that one-size-fits-all solutions may not be effective.
3. The trade-offs involved in economic, social and technological change must be managed carefully if the intergenerational bargain is to be maintained.