The Treasurer Joe Hockey has released the 2015 Intergenerational Report, projecting out to 2055, saying “the Report is the social compact between the generations – children, grandchildren, parents, grandparents and each other.”
“It projects what the Australian population, economy, and budget could look like in 40 years and shows that Australia’s best years are ahead of us.”
- Australian populations projected to be 39.7 million in 2055
- By 2055 male life expectancy projected to increase from 91.5 years to 95.1, female life expectancy from 93.6 to 96.6
- Number of Australians aged 65+ projected to double by 2055
- Number of 65+ workers expected to increase from 12.9% to 17.3%
- Number of people aged 15-65 compared to 65+ expected to decrease from 4.5 today to 2.7 by 2055
- Annual economic growth per person forecast to be 1.5%, compared to 1.7% over past 40 years
Australians have enjoyed a “greatly enhanced” qualify of life, and “will live longer and continue to have one of the longest life expectancies in the world.”
But the report says that “continuing our economic growth and prosperity cannot be taken for granted”
“Together, we must respond to the challenges and opportunities the Intergenerational Report presents to ensure Australians continue to enjoy improvements in their quality of life and enable governments to continue to deliver the services our population needs.”
This report was due to be released on or before 1 February, under the Charter of Budget Honesty Act 1998, which requires the Intergenerational Reports to be released no more than 5 years after the last report.
Labor and the Greens have rejected the 2015 Intergenerational Report as a politicised document. Both parties have announced they would amend the Charter of Budget Honesty so future Intergenerational Reports are prepared by the Parliamentary Budget Office instead of the Treasurer.
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