The latest Intergenerational Report forecasts annual average growth 0.9 percentage points lower than the average annual growth of the past 40 years.
underpinning the budget from 1.5 per cent to a more realistic 1.2 per cent.
Its population forecasts are also in line with the 2021 document with a prediction Australia will have 40 million people by 2062-63. The intergenerational report released in 2015 forecast a population of almost 40 million by 2054-55, almost 10 years earlier than now expected. “To prosper in the coming years, we need to make our economy more productive, not by making people work harder and longer for less, but by combining the things that we know will deliver productivity growth in the coming decades,” he said.“You read some of the commentary about [productivity] and it feels like the productivity frontier has evolved substantially but the contributions … have not evolved substantially since the 1980s.
However, the Treasurer shied away from tax reform and changes to industrial relations such as award simplification and a focus on the broken enterprise bargain system, neither of which will be among the second wave of IR changes to be released in a few weeks, but which business believes are essential.
“As Peter Dutton has said, we are open to working with the government, but we want to see reduced red tape and streamlined approval times [for new gas projects],” shadow treasurer Angus Taylor said.
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