Unless real action happens soon the cost of adapting to the new realities will be much higher, and guess who will be left with the bills?

What are the new realities?

The new realities are quite simple ... As Australia gets less and less competitive and fewer and fewer real jobs that generate wealth are created then the standard of living for young and old will fall and no amount of politics, taxation, cash distribution etc. will save anybody. The only thing that we do is dig holes and export minerals and grow and export primary produce - manufacturing has been hollowed out to the extent that is will be virtually non existent in a few years time. Service industries and other "parasitic " industries, like health , law, "house flipping" etc. do not produce tradable goods nor wealth that may be used to improve our lot ...how does one pay for a CAT scanner from Germany when all we have to trade are law or medical services?

Hey Sid, do you have a particularly big nose, or is there some other reason you can't see past the end of it? What ever, something is getting in the way of you seeing very clearly.

I don't know what you inherited from your folks, but mine, & those of my generation, after a depression, followed by a world war, did not have all that much even by the end of their lives.

I don't know where you find all these wrinklies running through their homes & wealth, perhaps it's an ex bureaucrat thing. All those I know, are hanging onto their bit of security, just like me, even if it means no holiday trips. It's the kids spending their time & money traipsing around Europe, or Asia. I guess the knowledge that they will inherit a few hundred thousand each insulates them from having to save too hard.

Each of my kids started their ex school life with a reasonably new car from dad. The one who was offered her mothers car tried to let us know, she wouldn't be seen dead in that old nail, without it being a put down. She failed miserably, but got a better car anyway.

The same kid would not rent a house, only slightly newer & better than the one she grew up in. You know, it didn't even have stainless steel bench tops, how could a young lady live in THAT.

They have "DONE" Europe, bought new cars, one twice, although she had bought a house between them, & only lived in up market accommodation. I can imagine the utter horror if asked to live in my first owned home. A 4 room ex farm laborer's cottage with a fuel stove just wouldn't do, I'm sure.

So Sid, I think you have aimed at the wrong target with your rant old mate, perhaps it is the spendthrift youth you should lecture. But in closing, would you please tell me what good the increase in house prices does us oldies. All it does in my experience, is allow councils to increase rates.

I think this image of the idle youth is a middle class thing, there are several young adults in my street who live with their parents and they all work and have done since they were still at school.
The last thing young people need is old people prophesying doom, we had that when I was at school, we were told we'd never find a job and that there would most likely be a nuclear war anyway and we'd be living in some version of the Mad Max movies...that messed a lot of us up more than I think people realise.
Hey Syd! I can see into the future! Do you believe me?...exactly.

http://www.youtube.com/watch?v=594WLzzb3JI

It's hard to argue that the political system doesn't serve the young, while they refuse to vote and or simply blame shift. I have to agree with both Kilimouski and Hasbeen.
It's just not older generation's fault!
I worked extremely hard, and paid tax, up to 68 cents in the dollar!
University was not always free, but only became so, with the election of the Gough Witlam.
I agree, we should be more even handed, and keep education, particularly tertiary education, free!
Or at least means tested, so that the test of entry is ability and merit alone, rather than how rich or privileged your parents were!
As to the other points, blaming people who earned all they have is hardly constructive, particularly, when all we need is a few well designed/crafted reforms, that re-include all those who have escaped the tax net, to pay a fair share!
And if that fair share and reform is less than they currently shell out for tax compliance, then they would lose nothing whatsoever! It Real reform may have many detractors, with considerable skin in the current complexity!
It's just not hard or complex, rather just the opposite.
Something as simple as a universal, unavoidable, inescapable expenditure tax of just 4.8-5% would create much more revenue!
If the young want change, then they need to participate in the political process, rather than simply whine or blame those who have earned and paid for what they have!
Surely we need to reintroduce compulsory national service, if only to ensure, the young become job ready, engage in healthy pursuits, healthy hours and self reliance.
And off the mind bending party drugs, that allow them to simply duck shove personal responsibility?
Today's young generation are just too soft, from just having it all too easy, and need to develop some inherent toughness, some real steel in the backbone, [or just a backbone,] and self reliance.
They'd be none the worse for it!
Rhrosty.

So the youngsters can't get a job or buy a house?

But just try getting them to support restricting or stopping immigration!

Shock horror! They wouldn't want to be "waysist".

YES ITS TIME KING GEORGE LED FROM THE FRONT
wee need generational change..we cant wait.