Bob Breunig, the director of the Australian National University's Tax and Transfer Policy Institute, has raised concerns about the growing disparity in wealth driven by housing assets in Australia. He highlighted that this trend could lead to a society where one's socioeconomic status is largely determined by familial property ownership, reminiscent of a neo-feudal structure. During parliamentary hearings on capital gains tax, Breunig emphasized that the current discussion on inequality often oversimplifies the problem as an issue between the younger and older generations, ignoring the true nature of wealth distribution within the same age group.

Breunig argued that the real inequality exists between individuals of the same generation who either possess or lack significant assets, particularly housing. He pointed out that those born into families with substantial property assets inherit wealth that perpetuates their economic advantage over their peers. This situation creates a cycle where wealth concentration persists across generations, culminating in social stratification that could have long-term implications for societal cohesion and mobility.

Furthermore, Breunig's insights bring to light the need for policy reforms aimed at addressing the capital gains tax and wealth distribution to mitigate growing inequality. He warns that if current trends continue unchecked, Australia risks becoming a society where a few families hold vast wealth due to property ownership, while others struggle to accumulate any meaningful assets. His report and ongoing discussions in parliamentary committees may influence future legislative actions to address these pressing economic disparities.