65 Percent of Australian ‘Xennials’ Earn More than Their Parents

Australians aged 42–48 are more likely to have a higher income than their parents compared with other generations, new data has shown. The Productivity Commission has released a new report (pdf) illustrating the changes in Australians’ income over their life course and in relation to their parents’ income in recent years. The report found that 67 percent of “Xennials,” those born in 1976–82, earned more than their parents did at a similar age. While each generation, on average, earned higher individual incomes than the previous generation at a given age, slow growth in recent periods caused people born in the 1990s to experience almost no growth in incomes between the ages of 25–30 compared to those born in the 1980s....