Still more work to do despite unemployment rate dipping to pre-pandemic levels skynews.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from skynews.com.au Daily Mail and Mail on Sunday newspapers.
“Wealth is being concentrated into a very privileged class of person who tends to be older while Generation Rent looks on with envy or horror,” Professor Randolph said. “The generational divide between boomers and the others will increase.”
Young people wanting to buy a first home would increasingly be relying on help from relatives, provided they were lucky enough to have parents who owned a home, he said.
“It used to be income inequality that people talked about but housing wealth inequality is now what the big issue is and it will drive a divide in society,” he said. “This is a huge potential instability factor in the economy. We can’t jump off because if we do then half the economy unravels. We simply have got to get to grips with this.
Treasurer Josh Frydenberg says Australia is “leading the world” in economic recovery, declaring the nation’s economy is back to pre-pandemic levels.
National accounts data released by the Australian Bureau of Statistics on Wednesday showed Australia’s GDP grew by 1.8 per cent in the March quarter, higher than market predictions of 1.5 per cent.
Mr Frydenberg says the latest numbers place the nation ahead of any major advanced economy in the world.
“Today's national accounts show that the Australian economy is leading the world with the March quarter seeing GDP growth of 1.8%, beating market expectations of 1.5%,” he said.
“Over the March quarter, we saw the British economy contract, we saw the French economy contract, we saw the German economy contract, we saw the Japanese economy contract, but we saw the Australian economy expand.
“And now, with today's national accounts numbers, we know that the Australian economy is today bigger than it was going into
EN DIRECT - Covid : les contaminations poursuivent leur baisse en France lesechos.fr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lesechos.fr Daily Mail and Mail on Sunday newspapers.