Faced with higher living costs, low rental vacancy rates and unattainable house prices, young Australians are experiencing an economic crisis that shows no signs of easing — and experts fear it will cause generational inequality to worsen without substantial reform.

In the week since its budget, the federal government’s proposals to take the pressure off the high cost of living have been criticised by many younger Australians who say the measures fail to address the fundamental changes affecting their lives.

“What saddens me is that Labor is only tinkering around the edges, they’re not getting to the heart of the structural issues that mean that young people are on the front line of the cost of living, housing and climate crisis,” Jack Simmons told The Business.

Although the 28-year-old will benefit from the $300 energy bill rebate and the revised stage 3 tax cuts, he is frustrated that high income earners will also benefit from the same measures.

“In a time where wealth inequality is rampant, that to me feels very irresponsible,” he said.