The nation will become older, more indebted, and tax working-age people more over coming decades unless something dramatic changes.
Australia is sleepwalking towards what former Treasury secretary Ken Henry describes as an unfolding “intergenerational tragedy”.
“It feels like we’re in some ways the first generation not to be able to do what the generation before us did ... which can be quite distressing for people in our age group,” she says. “Here, at this generational fork in the road, we can shape the future on our terms,” he said. “We can turn these turbulent ’20s into the right kind of defining decade.
The IGR confirmed that Australia has become largely a one-trick pony in generating economic growth: adding more people. The first report, released by then-treasurer Peter Costello in 2002, projected the nation’s population to increase by about 30 per cent to more than 25 million people by 2042. That represents an income shortfall per person of about $12,200 a year by 2022-23 since the first IGR , according to Rich Insight economist“The squeeze is on,” Richardson says. “Hard choices are unavoidable, because an older Australia is a more expensive Australia.”Australia’s population will continue to age over the next 40 years.
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