7 hours ago
Generation X wields Australia's political power. Will they use it for reform?
It is time to put to bed the war on baby boomers and acknowledge where power now increasingly exists.
Generation X is overwhelmingly in charge of government and increasingly holding the wealth.
We are on the cusp of the death of the "OK boomer" memes that flooded the internet and the rise of "oh no! it's the Xers".
Gen X might need to stop hiding from scrutiny too. The millennial pile on our boomer elders has largely meant generation X is the most ignored generation with a quiet accumulation of power. It's also the most unacknowledged generation — a generation that has presided over the digital revolution and has had to overhaul how they work and how they raise families. Ask any gen Xer and they won't report a life of relaxation. They have been smashed by change even as they've quietly presided over it.
A study of the Albanese government ranks shows that the vast majority of those in the cabinet and ministry are gen Xers. Only the PM and two others — Trade Minister Don Farrell and Assistant Minister for Social Services Ged Kearney — are baby boomers.
While the recent reshuffle increased the numbers of millennials — the numbers show the government is overwhelmingly run by gen Xers. In fact all the key positions including the treasurer, the finance minister and the foreign minister are held by X-ers.
A massive 31 members of the Albanese ministry are generation X with around eight millennials (that includes Clare O'Neil who really is a cusp generation member and a "xennial" in my estimation).
Across the aisle in the Coalition, baby boomers are also on the decline. Opposition Leader Sussan Ley is a boomer, as is Kevin Hogan, Melissa Price and Anne Ruston. There are 26 gen Xers including Tim Wilson who is a xennial and six millennials in their frontbench ranks.
Generation X in this column's definition includes those born between 1965 and 1980, a generation that didn't enjoy the largesse afforded to baby boomers but would have found it easier to enter the property market than younger generations.
The truth is the young people have noticed. Generation Z is currently the generation on the rise in our workforce and flexing their political muscle as they did in the last election. If you listen to them they are shifting their focus away from boomers and looking increasingly at Xers. If boomers are the ones who enjoyed the easiest ride, it's now Xers who are keeping and protecting the status quo, only tinkering at the edges of big intergenerational wealth reform.
Before you all throw things at me and spend the day trolling me on social media I want to declare myself an gen Xer. I was in denial about it for a while, trying to focus on being on the cusp of being a millennial — maybe more of a xennial but it's time to front up.
Analysis of household asset distribution across four generational cohorts by KPMG has revealed gen X have overtaken baby boomers for property wealth as well as in shares.
Terry Rawnsley, KPMG Urban Economist earlier this year revealed gen X holds the most significant amount in housing, with an average value of $1.31 million, closely followed by baby boomers at $1.30 million. In contrast, millennials and gen Z have lower average wealth stored in housing with $750,000 and $69,000 respectively. This disparity highlights the challenges younger generations face in entering the housing market, KPMG says.
Prime Minister Anthony Albanese is due to deliver a significant National Press Club speech today where he will outline his government's agenda. There is huge pressure on the PM to articulate a vision for reform — to turn around Australia's flatlining productivity and paint a picture of how the economy can be turbocharged to grow.
As Labor's superannuation tax proposal continues to draw rebuke from the Coalition, the government will turn to the Greens in an effort to get the legislation through the Senate. If it can't get this reform through — you'd wonder how it could get any changes through that rein in tax concessions that favour the wealthy. Whatever criticisms you may have of the way the tax is designed — the fundamental concept of changing tax treatment to deal with the use of super to accumulate wealth has merit. Just ask any economist who has been making the case for change.
The government is already grappling with expectations about what it will deliver in its second term. The cabinet is filled with generation Xers. Surely they can convince their boomer PM that reform is needed to ease intergenerational inequality and spare themselves from being yet another generation mocked for failing the young once again.
Patricia Karvelas is presenter of ABC TV's Q+A, host of ABC News Afternoon Briefing at 4pm weekdays on ABC News Channel, co-host of the weekly Party Room podcast with Fran Kelly and host of politics and news podcast Politics Now.
