Treasurer Josh Frydenberg has contended that gas exports would be a central pillar of Australia’s contribution to international mitigation, but said virtually nothing about the risks that global warming is posing to future generations as he unveiled the federal government’s latest Inter-Generational Report.
The latest Intergenerate report provides an view of how the Treasury view what the economy of Australia and the United Kingdom will look like in four decades “time and the impact of some policy policies on prospects.
The Treasury was too preoccupied with generational spending last year to bring forward a review of Australia’s combat against the first and second waves of the coronavirus pandemic and Treasurer Josh Frydenberg published the most recent tranche of 200-plus pages on Monday.
There will also be a lower proportion of working age Australians than those who are inactive.
The Department of Finance points out that Australia’s fertility rate has been below that of the replacement rate since 1976-77, and forecasts it will continue to be so for the next 40 years.
As aging puts pressure, the IDRS forecasts that older people’s share of the economy will almost double from 1.2 percent of GDP to 2.1 percent by 2060-61.
The IGR says productivity growth has averaged 1.2 per cent a year in the last ten years.
Spending on health and aged care is projected to be the biggest drain on the state budget in the next 40 decades.