Guardian Australia writers from different generations reflect on the 2026 federal budget, which overhauls capital gains tax and negative gearing to promote ‘intergenerational fairness’. Jim Chalmers has sold the budget as a historic shift in favour of intergenerational fairness. Four Guardian Australia staff members assess what it means for their age group.
Gen Z: Not Off the Treadmill Yet
Ima Caldwell, a Gen Z writer born in Y2K, notes that her generation is largely united by uncertainty. While the budget aims to address intergenerational equity, reforms to negative gearing and capital gains tax may help first home buyers, with the government estimating 75,000 will be supported over the next decade. However, the $59.4 million investment in social housing for at-risk youth offers some hope. Yet, rental increases and HECS debt remain pressing issues, and changes to Medicare are awaited. Caldwell concludes that the goal of intergenerational fairness still seems distant.
Millennials: Young Parents Can’t Catch a Break
Molly Glassey, a millennial mother with a mortgage and two kids, finds little relief in the budget for families. While capital gains tax changes and negative gearing reforms may benefit first home buyers, she sees no direct help for her family unless she has another child, which would qualify for six months of paid parental leave. The fuel security package and fuel excise cut may reduce costs, but childcare was not mentioned. Glassey feels the costs of childcare, healthcare, and groceries were overlooked, making it hard for parents to get a break.
Gen X: A Late Shot at Home Ownership
Jonathan Barrett, representing Gen X, describes his cohort as the sandwich generation, caring for both children and ageing parents. The budget offers little immediate cost-of-living relief but focuses on reform. The end of negative gearing for most future investors and reduced capital gains discounts are seen as societal goods, potentially helping some Gen Xers achieve home ownership. Barrett notes that while finances are tight, it is generally harder for younger generations, and the reforms are beneficial for the country and future generations.
Boomers: We Also Have Children and Parents
Susan McDonald, a baby boomer, acknowledges that the budget’s savings fall on asset-rich boomers, with changes to CGT discount, negative gearing, and family trusts. She supports these measures as fair, even if they don’t fix housing affordability overnight. The reduction in private insurance rebate for over-65s may pressure public hospitals, but increased funding for aged care is welcome. McDonald is disappointed by the lack of clean energy investment, suggesting a gas windfall tax could fund renewables for future intergenerational equity.
