In this video insight I challenge the idea that Labor’s federal budget is delivering genuine intergenerational fairness, arguing instead that it overlooks the fundamental drivers of Australia’s housing pressures. While Labor focuses on taxing investors and reshaping incentives, the reality is that strong migration and limited housing supply continue to fuel demand, keeping vacancy rates tight and affordability under strain. I also question whether shifting the burden onto “mum and dad” investors addresses the real issue, suggesting that broader structural reform and a more honest assessment of policy trade-offs are needed.