The budget was meant to be about fairness. So why are young people still paying $52,000 for a degree? | George Williams

The treasurer, Jim Chalmers, rightly focused the federal budget on addressing intergenerational equity. Young Australians are being hit with a trifecta of unfairness when it comes to tax, housing and education. They are being denied the opportunities available to other generations.While the government placed tax and housing at the centre of its economic blueprint on budget night, it missed the window to reform the greatest enabler in our society: access to education.Scrapping the discredited and grossly unfair job-ready graduates (JRG) package, introduced under the former prime minister Scott Morrison, remains unfinished business. The scheme has already delivered $52,000 arts degrees and threatens to load students completing combined degrees with US-style $100,000 qualifications.Education is a golden ticket to social mobility, with the evidence demonstrating how it can help young people live prosperous and successful lives.This was backed by an Australian National University study last month, which found that education was the “single most consistent predictor of positive outcomes” in life. People with a university degree reported higher life satisfaction, lower financial stress, greater confidence in institutions, higher satisfaction with democracy and stronger support for democratic norms.At Western Sydney University, we see the truth of this every day. We are on the frontlines of intergenerational equity. Many of our students come from poorer backgrounds and two-thirds of our students are the first in their families to go to university.Educational attainment also crosses generations. News Corp’s top public primary schools report pointed out evidence that parental education level strongly correlates with child educational outcomes. The more educated the parents, the higher the educational results of the whole school.Sign up for the Breaking News Australia emailEducation is contagious. We know for our students that their success at university not only leads to better and more productive lives, it also drives positive outcomes for their children.Unlike for previous generations, some of whom enjoyed free university and others who paid reasonable contributions, the JRG is now a tax on aspiration. It is a tax on a every Australian having a fair go at a better life.This broken system deepens the divide between young Australians. University is accessible to those who can rely on the bank of mum and dad, while others miss out or spend their university years in poverty or working excessive hours. It’s the very definition of a regressive two-track system, remembering that the most expensive degrees in the arts and the humanities are the gateway to higher education for women, Indigenous and first-in-family students.The Treasurer was right to deliver negative gearing and capital gains tax reforms under the umbrella of intergenerational equity. As a nation, more needs to be done to remedy a situation where young Australians are denied a foothold on the property ladder, but surely the same rings true for higher education – one of the most significant forces behind social mobility and equity.Reform is also needed to achieve our intergenerational goals around economic growth. These are reflected in the government’s Australian Universities Accord target of 80% of working age people having tertiary qualifications by 2050. The target is not just about fairness and access; it is about national prosperity. Reaching the target promises to add $240bn to the Australian economy by 2050.Opening university to all Australians is not just about individual opportunity and economic benefits. Education is a bedrock of a cohesive and respectful society. In finding that university graduates are happier and more financially secure, the ANU study also highlighted that education functions “not only as a source of economic security but as a buffer against the civic disengagement that often accompanies sustained economic strain”.In a world overwhelmed with turmoil and uncertainty, higher education is an antidote to feelings of social isolation and disaffection. The arts and humanities enable us to understand the world and combat assaults on our democracy from misinformation and predatory algorithms. A university education is an investment in our collective future.There is a workable remedy to the JRG. The three-step proposal would cost $1.917bn a year, simplify the system and reduce $52,000-plus arts and humanities degrees to $30,000. The investment compares favourably in terms of cost and fairness to the government’s now fulfilled election promise to reduce existing student debts by 20%, costing $16bn.With the opportunity missed in this year’s budget, let’s not delay action on this key driver of intergenerational equity until next year.