[Kunama]

It seems people are in general very quick to blame someone else for being in debt hundreds of thousands of dollars. It is not the banks' fault that people overestimate their ability to pay off loans. The banks are only promoting their 'goods' as any other business would. You don't rush out and buy a top of the range Mercedes even if you see them advertised on TV, yet people regularly buy champagne homes on beer budgets.

Too many people take the bank's advice for wealth creation, they are really only interested in creating wealth for their shareholders. Get independent financial guidance and investment advise, don't blame banks for doing their job well.
Yes the 'home loan' is a necessary evil for most in society, the wise ones get it paid off as quickly as possible and to do that make many sacrifices.
Personally I worked shiftwork for 20 years as well as running a weekend business and spent very meagrely on 'entertainment' until my mortgage was repaid (30 yr loan repaid in 10 years).

The nature of government spending in Australia is to hit the public hard in the first year so you can buy them lollies in your last year to get re-elected, it matters not whether they be Labor or Liberal, they all do the same thing and each election the donkey voters fall for the rhetoric.
Then at the next budget the cycle continues.

One thing for sure, you cannot and you should not expect that there will be an age pension to feed you in old age, sure there will be something so one won't starve but we should all plan for a self-funded retirement.