What is income mobility and why does it matter?

Australia has ranked among the top countries globally for income mobility as more people out earn their parents. According to a government report, around two thirds of Australians born between 1976 and 1982 outperformed their parents on income at a comparable age. But that's increasingly not the case for those in poverty, women, and those born after 1990 - many of whom entered the workforce as adults as the economy dramatically slowed following a global event.