[anobserver]

What should young people do?

Get practical skills, trade or grey collar. Stay out of debt and dispense with ego preening passport stamps. Avoid pointless degrees and live within your means.

Yes, casual and temp work is more prevalent than ever.
Yes, excess immigration has created a labour oversupply and stagnant wages.
Yes, credit creation and a cgt discount has spawned a massive property bubble.
Yes we are regularly top of the pops in the developed world for income to debt ratios.

Despite that, this is not the time for boomer/xer self congratulation if you've ridden an asset boom. Nor should millenials spend it all on travel and consumables because 'housing is too expensive'.

Myopic defeatism and assumed victim status will get you precisely no-where.

There will be opportunities in the future. I cannot tell you where they will be. Nor do i know when to sell to avoid a crash.

Nothing lasts forever. But you have to be ready when opportunities arrive. They won't wait for you. Nor will they wait if youre not quite ready, or able to take advantage of them.