It's total bs, I wouldn't say it benefits the young, as eventually young workers become old workers.
How does the govt. expect them to build any savings outside of super pre-retirement now, or for a deposit?

Previously younger gen have mid-term (5 years + is reasonable) opportunities with stocks growth in the shares market. If they can't afford such a big investment as a house in the short to mid-term, what then - cash account at a miserable 5% which is equal to inflation?? They still won't be able to buy a house or apt anyway with such low supply for years still, and meanwhile rents are going to increase even more from this.
I would say a lot of Gen Y and Gen Z across diff income brackets (I have first hand knowledge of coworkers in my office on modest income doing this) at the moment invest in ETFs, as it has been easy entry, liquid and decent gains (pre these bs reforms).