"Don't Cry Because It's Over, Smile Because It Happened" Says Unusually Self Aware Baby Boomers

CLANCY OVERELL | Editor | CONTACT

Right around Australia, there are mixed emotions over last night's Federal Budget - as Treasurer Jim Chalmers delivered a double blow to landlords and property investors in an effort to make it easier for Australians to buy their own homes.

While young people are just taking solace in a Federal Government finally admitting that the current system has been completely unsustainable for well over a decade, The Federal Opposition are heartbroken on their behalf.

The Liberal Party's shadow Treasurer Tim Wilson says these major changes to negative gearing and the capital gains tax (CGT) discount will rob Millennials and Gen-Z of the opportunities to build wealth like the Baby Boomers did, when the time comes for them to buy their 3rd or 4th properties that literally not one young person has ever imagined owning and never will.

Meanwhile economists and political pundits are scratching their heads over the Treasurer's bizarre and weird new vision for Australia, where home ownership is prioritised over property investment.

However, nobody is more emotional than the post-war voter block who convinced themselves they were geniuses because they were born at the right time and in the right place, with close to ten Federal Governments that engineered every single economic policy to provide fool-proof guardrails to low-effort wealth-hoarding at the expense of younger generations.

Many have convinced themselves that there is no way this budget will pass through Parliament, as have the political columnists and Coalition MPs who are unable to comprehend a world without a property ponzi scheme that generates millions of dollars for one class of people.

However, there is a small minority of Baby Boomers who understand that party had to end at some point.

"I mean, It's kind of a relief in a way" says 74-year-old Camberwell retiree, John Costello.

"We've spend the last thirty years feeling like we were on the run from somebody"

John's wife, Mary (73) laughs.

"We were surprised we got away with it for this long.

John and Mary are just two of a very small cohort of post-war Australians who are self-aware enough to know how good they've had it.

"We didn't pay for uni. We own a free-standing house outright, that we paid for with one year's salary, as a single-income household" says John.

"We own a negatively geared Terrace house in St Kilda that we bought for 90 grand during the heroin boom... And another negatively geared bolthole in Docklands"

"Not to mention all the shares we snapped up in what used to be state-owned assets"

As everyday Teal voters, John and Mary say they have no illusions about how they managed to live the life they have.

"We aren't gonna sit here and tell some rags to riches story" says Mary.

"We worked hard, sure. But we didn't have to fight hard"

"We don't feel guilty but we do feel lucky. I hope things are a bit fairer for the next generation"