['To determine the extent to which the lower well-being of young Australians with disabilities could be accounted for by increased rates of exposure to adversity and reduced access to personal, economic, social and community resources.', 'Secondary analysis of data extracted from Waves 1 (2001) to 8 (2008) of the annual longitudinal survey of Household Income and Labour Dynamics in Australia.', 'Self-reported disability was associated with significantly lower scores on all indicators of psychological well-being. However, people self-reporting disability were more likely to be exposed to adversity and less likely to have access to a range of personal, economic, material, social and community resources. When these between-group differences in social context were controlled for, the between-group differences in psychological well-being were largely eliminated.'] Does lower well-being of young Australian adults with self-reported disability reflect their poorer living conditions rather than health issues?