“This increased spending power comes from the higher savings balances and lower debt levels of over 65s, with net benefit rather than pain from the sharp interest rate rises.”
Older people are more likely to own their property without a mortgage and benefit from higher interest rates.
“The older generation already made up the biggest spenders across all those categories. And now we’re also seeing them increasing their spending in those categories as well.”
In other words, boomers continue to benefit.
Sad but true, and they’ll probably have enough political power to stop anyone doing anything about it for a decade or so.
https://www.abc.net.au/news/2022-03-19/qld-politics-climate-change-millennials-future-generations/100921798
System is geared to entice people to invest in housing not to own your own home.