Four ways Baby Boomers won the friendless budget
by Michelle Bowes · Australian Financial ReviewMichelle BowesDeputy wealth editor
May 23, 2026 – 5.00am
The federal budget looks increasingly friendless and there is a sense emerging that there are no winners.
But taking a big picture view, there are cohorts that have fared better than others. And, despite the government’s pitch that the budget would seek to improve intergenerational equity, it is Baby Boomers who are the unlikely group that seem to have come out on top.
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Michelle BowesDeputy wealth editorMichelle Bowes is deputy wealth editor at The Australian Financial Review. She has been a business journalist for 25 years and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
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