Sky News host Chris Smith says the upcoming generation of young adults do not seem to be prepared to experience the kind of tough times, their grandparents suffered in the 30s and 50s.
Treasurer Josh Frydenberg announced Australia’s gross debt is forecast to hit $851.9 billion with this year’s budget deficit expected to reach $184.5 billion due to the novel coronavirus.
The budget deficit is Australia’s biggest since World War II.
“That will mean less jobs, lower wages, a drop in our living standards, store closures, and who knows what else and it’s our kids who’ll cop the brunt of all of that,” Mr Smith said.
According to ABC Chairwoman Ita Buttrose, "today’s younger workers, they need much more reassurance, they almost need hugging, they seem to lack resilience".
Mr Smith said “if ABC Chairwoman Ita Buttrose is right, the millennial generation of young people, have Buckley’s chance of coping through the next 30 years of deficit”.
From: Sky News Australia