Mark McCrindle is kidding himself that as back-up they have the highest net-worth generation ever - their parents, because their parents will require all their superannuation (and potentially a reverse mortgage over their house) because they didn't look to funding their own retirement themselves, it was all either company pensions or the State. The former is for the lucky few, the latter is being whittled away year by year, so you cannot rely on that.

With increasingly likely medical costs and a lower taxpayer base to fund their State pension from, it is likely that Gen X and Y will carry the can to look after the ageing boomers, especially in a family situation if they do not have enough to take care of their own health.

Whilst food, furniture and clothing are cheaper in real terms, that is trite, because they depreciate in value. Property appreciates in value and is the major store of such for Australians, but while he says that "interest rates and taxes are lower today than for the previous two generations", that is not strictly true; in real and relative terms (when you consider inflation), today's "low" interest rates on such a big loan amount are equivalent to the "horror" 17.5% interest rates on the much smaller amounts the boomers had to pay. Also, taxes may be low, but these are for those in higher tax brackets and as mentioned before, Gen X and Y will have to look after the boomers through higher taxes; it would be political suicide for anyone to mess with the massive 'grey vote'.

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I dont know, but the highest rate of unemployment was 11.10 on 1978 and since April16 steady at 5.7%.

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