Australia is now a generationally divided nation in terms of...

Australia is now a generationally divided nation in terms of socioeconomic standing. Baby boomers and a greater portion of gen X & Y now have substantial wealth through property speculation over the past few decades while millenials and Gen Zers will by and large never enter the property market. They are trapped just as millenials were in the Japanese property sector prior to the Asian Financial Crisis of the late 90s.
Rampant mismanagement of the retail property sector in Australia has resulted in a property and rental crisis rarely seen anywhere else in the world besides Canada, and possibly the UK.
Low cost airlines will suffer first as young travellers opt out of travel as living costs escalate. The Reserve Bank indicated today that further rate rises are likely to tame domestic-based inflation. The older crowd can absorb this. A flow on effect is that the birth rate falls as living costs increase as seen in China lately, despite the lifting of the one-child policy. The only way out is to boost immigration, but you need somewhere to house them.

Successive Australian governments have really dropped the ball in getting this balancing act right. They've played the fiddle as Rome burns.
We are a first world country with a third world government.