Australia's Last Baby Boomer Prime Minister Tries to Help Young People

By Annabel Crabb, a journalist.

Topic is Budget.

The budget talks about change between generations.

Anthony Albanese might be the last prime minister from the baby boomer generation.

He wants to help young people by changing some policies that helped his generation.

For a long time, it has been hard for young people to buy homes, and older people have been getting richer.

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The prime minister grew up in a poor family but got lucky with education and real estate.

He got a free university education and bought a house in Sydney at the right time.

Tonight, he will talk about changing a big rule in Australian politics: that housing is a good investment.

Anthony Albanese will likely be the last baby boomer prime minister.

The budget is ambitious.

The government wants to stop tax breaks that have made many people rich.

Young people feel they are being treated unfairly in the real estate market.

The budget will change some rules to help younger people.

Some tax breaks will be stopped, and migration rules will change.

The government will help young companies and give refunds to small businesses.

Tax breaks for electric vehicles will be reduced.

The budget explained in simple terms.

Topic: Federal Government

Topic: Explainer

Analysis by Ian Verrender, a journalist.

Tax breaks for property and investments will change.

The changes will happen slowly, and people who already have investments will not be affected.

Properties that are already being rented out at a loss can still be rented out at a loss.

The term 'grandfathering' means that people who already benefit from a rule can keep benefiting.

The term 'grandfathering' has a bad history in the United States.

Young voters now make up most of the electorate.

Australians might not like giving up tax breaks for fairness.

The biggest challenge for the prime minister is to convince people to accept changes.

He needs to persuade people that short-term hardship will lead to long-term fairness.

The task is hard because people are already unhappy, and the prime minister promised not to make these changes.

Young people are not just waiting for good news; they are also skeptical.

This is a test of the prime minister's ability to persuade and lead.

The Liberal Party values home ownership.

The founder of the Liberal Party, Robert Menzies, believed in helping people buy homes.

Menzies gave money to first-home buyers and built houses.

Home ownership rates increased during his time as prime minister.

But now, people are voting for other parties, so the Liberal Party needs to change.

This moment in Australian history is challenging and interesting.

Promotion of the budget is needed.