Much is made of the idea of “intergenerational equity” but in Australia there has been very little analysis of which generations win and lose from government policy. Older Australians are the major beneficiaries of subsidies for superannuation, tax concessions on capital gains and those over 55 even pay lower rates of income tax. Younger Australians however are struggling to buy their first homes, pay off the HECS debt their parents never incurred and, of course, prepare for the consequences of climate change.