A new report has found that wealth inequality is increasing in Australia, with older Aussies allegedly better off due to home ownership and an increase to the Age Pension.

The Inequality in Australia report, compiled by the Australian Council of Social Service (ACOSS) and University of New South Wales, claims the average wealth of older Aussies (64-plus) is increasing, while the wealth of younger generations has declined.

The findings show that households headed by a person aged over 64 saw their average wealth grow by 57 per cent, to $1.3 million, between 2004 and 2016. However, households headed by someone under 35 saw growth of just 22 per cent to a total of $300,000.

The average wealth of households headed by a person aged 45 to 63 grew by 36 per cent to $1.2 million. While for households headed by those aged 35 to 44, the growth was 28 per cent to $700,000, according to The Guardian.

“For the first time the highest level of net wealth sits with people who are over 64 years of age. We’ve had a big decline in the level of wealth for people who are under 35,” Cassandra Goldie, ACOSS CEO, told AM radio. “This reflects the growing difficulties many younger people face in raising the funds to purchase their first home.”