Anyone who lives in Australia knows that the young generation of wannabe homeowners Down Under is apparently being thwarted by two things: $4 coffee and avocado toast.
Over the last few months Australian media has been spinning a tale – with help from young property tycoons and expert demographers – that the main reason millennials can't afford a house is because they're unwilling to sacrifice their weekend brunch.
The government recently responded to Australia's housing affordability crisis by introducing a new initiative that would allow first-time homebuyers the opportunity to "salary sacrifice" $10,000 of their own money into their superannuation fund (basically a pension), which they can then use on a house deposit later down the track.
BuzzFeed News was told just last week that the scheme would only drive up house prices.
But on Monday, things really kicked off. Young millionaire property mogul Tim Gurner was the latest to wade into the "avocado toast" debate, telling 60 Minutes that young Australians "need to get realistic about [their] expectations".
Gurner's words were quickly mocked by Australians on social media, who were keen to mention the fact that the young property tycoon actually got his start using $34,000 that was given to him by his grandfather.
And now America is in on the act too. Yep – after months of the avocado toast debate being isolated to Australia, it has finally gone global.
The New York Times, which recently opened an Australian bureau, got in on the act.
As did Newsweek.
And Time magazine wrote a piece about Gurner's advice and the response was pretty similar to the one he received in Australia: routine mocking.
Brad Esposito is a news reporter for BuzzFeed and is based in Sydney, Australia.
Contact Brad Esposito at email@example.com.
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