Almost 12 years ago to the day, Joe Hockey delivered what became an infamous speech in Australian political history:

‘We are a nation of lifters, not leaners. We are a great nation. We are a great people. By everyone making a contribution now, we will build a bigger, better Australia.’

Unfortunately, this year’s federal budget has instead put us firmly on the path of becoming a nation of grifters and leaners.

Since Labor took power more than four years ago, by almost every metric, we are worse off than when Hockey delivered those words. In real terms we are poorer, saddled with more debt, less likely to own our own home, less likely to have children, and simply more miserable.

The centrepiece of this budget is a capital gains tax regime that will make Australia the highest CGT-taxing country in the world.

It’s impressive that Chalmers has managed to spin this as tackling ‘intergenerational inequality’ – when it does the precise opposite.

There is at least a rational argument for removing CGT discounts on investment property – housing should be a place to live and raise a family, not a speculative asset.

But extending the same treatment to shares and other investments makes zero sense.

How does Labor think young people are trying to save for their first home?

Increasing capital gains taxes across the board doesn’t change incentives at the margin – it weakens the incentive to invest altogether.

For the diligent saver, the new regime adds between one and five years to the timeline to reach a deposit.

In that same speech, Hockey declared: ‘The age of entitlement is over. It has to be replaced, not with an age of austerity, but with an age of opportunity.’

Under Labor, opportunity has been snatched away – and austerity is coming, courtesy of the recession this budget has made inevitable.

Hockey announced a freeze on MPs’ salaries and the winding back of gold-plated entitlements.

Today, under Labor, MPs are using taxpayer money to attend lavish parties and watch the sports games.

Hockey said: ‘One of our greatest strengths as a nation is our capacity to innovate and invent.’

Now under Labor, they will pocket roughly half your success and take no risk on the downside.

Australian founders and high-growth companies will increasingly choose to build elsewhere – taking future wealth creation, tax revenue, talent, and ownership with them.

And when Hockey warned that ‘when one person receives an entitlement from the government, it comes out of the pocket of another Australian’, he could have been describing this budget exactly.

Some of the savings found by cutting the NDIS are being reallocated to fund more public servants.

The government says young people can’t afford homes, then ensures the most tax-effective investments remain family homes and superannuation – the latter inaccessible until retirement, locked away…

They plan to build 6,000 houses per year while importing more than 750,000 migrants over three years, driving up rents, suppressing wages, and shrinking every Australian’s slice of the economic pie.

If they wanted to further encourage our already disastrous gambling culture, they’re doing a good job.

The losers are clear: anyone under 40 trying to build wealth through property, shares, or any other asset.

Anyone sucked into what is, in my opinion, the reckless 5 per cent deposit scheme will be left to watch interest rates rise.

Anyone whose income tax is eaten year after year by bracket creep.

Anyone who wants to take a risk and grow a startup.

So, what is a young person supposed to invest in? A plane ticket, maybe?

The winners? Older generations who already own property they can continue to negatively gear.

Foreign-owned tech companies continue to pay next to no tax in Australia.

Governments continue to fund the construction of white elephants like the Suburban Rail Loop.

And the renewable energy grifters will continue to receive special carve-outs for their projects.

It was as recently as the 2000s that an Australian could support a family of five, pay down a mortgage, and service two car loans on a sole wage as a fencer or building site manager.

That’s not even remotely possible anymore. This is a budget that raises taxes, doesn’t pay down debt, and penalises anyone who puts money aside to get ahead. It is the opposite of fair.

Whatever you thought of Joe Hockey, at least he believed Australia’s best days were ahead. This budget suggests Labor has given up on that idea.

For young people, it looks like the beatings will continue until the morale improves.