Youth face tougher life than parents The youth of today face a tougher future than their parents. That's the bleak assessment of a new report that predicts people age under 24 face more expensive housing, fewer jobs and less help from the government. According to the Foundation for Young Australians, the amount of government spending which directly benefits young people will drop from 46 per cent of total expenditure to 37 per cent by 2050. Foundation chief executive Jan Owen says young Australians are the country's social and economic lifeblood. "We must ensure that we are investing in them today to secure Australia's tomorrow," she said launching the report on Monday. For example, to buy a first home the younger generation have to take out loans three times larger than did their parents. New official figures also released on Monday show the average loan for a first home buyer hit a record $310,200 in September. That compares with just $67,500 in 1991, yet average wages have not grown anywhere near the same pace. More broadly, demand for owner-occupied home loans eased for a second consecutive month in September, but the Housing Industry Association was encouraged that lending for new housing was its highest in 20 years, barring the stimulus-fuelled period during the global financial crisis. Meanwhile, motorists of all ages have started paying more tax on their petrol but may not start feeling its impact on the hip pocket just yet. The government says the return of fuel excise indexation from Monday will add 40 cents a week to the average family's petrol costs. However, the Australian Institute of Petroleum's weekly report showed the average national price for unleaded petrol declined 3.4 cent per litre to 140.5 cents in the past week - an 18-month low. Commonwealth Securities economist Savanth Sebastian expects prices have a few cents further to fall in most capital cities, reflecting lower world oil prices. "Whichever way you cut it, cheaper fuel seems to be the new norm," he says. But motoring groups warn a series of bi-annual excise hikes will end up costing drivers two to three dollars more at the bowser. Petrol prices in Australia were already the most volatile and unpredictable of all the essential commodities families rely on every day, NRMA president Kyle Loades says. "On this, motorists look to their government to make things better - not worse," he said. Excise was frozen at 38.143 cents a litre in 2001 after the GST was introduced. At the time, fuel cost about 77 cents a litre. In October 2014, the Abbott government restored twice-yearly indexation increases. The increased excise - 38.6 cents - takes effect from November 10. Parliament has to approve measure within 12 months, otherwise revenue will return to oil companies.