``For millennials, it seems Australia no longer looks like the lucky country,” said David Hill, Deloitte Australia’s chief operating officer. ``I suspect booming house prices in the major cities of Sydney and Melbourne are partly to blame for this pessimism, with many young Australians believing the dream of owning their own home is increasingly out of reach.''
Yet it's not like conditions are terrible now: they weren't trying to repay a mortgage in 1990 when the Reserve Bank of Australia's cash rate was 17.5 percent, or run a business in 1991 during the country's last official recession; and they weren't looking for work the next year when unemployment hit 11.1 percent. Indeed, with the cash rate at 1.5 percent, the economy forecast to expand 3 percent this year and the jobless rate currently 5.7 percent, conditions are pretty good. Instability, though, seems to define this group.