The Albanese government and the Coalition are split on potentially dire economic effects of Australia’s increasingly ageing population as Labor battles calls for greater tax reform.
The intergenerational report will be published on Thursday with excerpts already released to the media showing the massive burden five key areas will have on the budget bottom line.
Assistant Treasurer Stephen Jones told Sky News Australia’s Peter Stefanovic said however one existing significant budget cost – the aged pension – will be mitigated by future greater reliance on the superannuation system. “Superannuation is ensuring that those increased expectations and the increased notions about what it is to live a dignified retirement is going to be met because people are saving for it throughout their entire life and it’s working.”
“I love older Australians I want to celebrate what they have contributed in their lives, what they can still contribute in their 60s, 70s, 80s and beyond, the wisdom they have, the learning that they can give.” The looming release of the IGR has led to growing calls for a major rethink in Australia’s tax system.