Intergenerational Report now officially late

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Intergenerational ReportThe release of the Intergenerational Report is now officially late. Under the Charter of Budget Honesty Act 1998, the “Treasurer is to publicly release and table an intergenerational report at least once every 5 years.”

The Act also says that, after the first Intergenerational Report, “subsequent intergenerational reports are to be publicly released and tabled within 5 years of the public release of the preceding report.”

As the 2010 Intergenerational Report was released on 1 February 2010, under the Charter of Budget Honesty, the next report was due to be released on 1 February 2015.

Chris Bowen, Opposition Shadow Treasurer, said:

The Government has broken the law by not releasing the Intergenerational report – it’s Peter Costello’s Charter of Budget Honesty that Mr Hockey is breaching. We were promised both the IGR and Tax White Paper issues paper last year, but reports today suggest that they are being pushed back further and further.

Speaking to 2GB the Treasurer said the IGR would be released at the end of February.

Kelly O’Dwyer, Parliamentary Secretary to the Treasurer, said in a recent speech to the Centre for Independent Studies that:

The intergenerational report will no doubt highlight the need to look very carefully at a range of growth areas of government expenditure – including tax expenditures. The debate will almost certainly move to very long-dated policy areas like the aged pension and superannuation. I don’t want to pre-empt where that conversation ends up, but I would say that one of the most important areas for participants to address will be how to manage transition arrangements.

We will have to wait and see if the 2015 Intergenerational Report give more attention to the implications of an aging population for the superannuation system. It is possible the Government will use the Intergenerational Report to build a case for changes proposed in the Tax White Paper, which has also been pushed back.

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