/ 25 August 2023

Crystal-balling an expensive future

jim chalmers, budget, 2023
Treasurer Jim Chalmers at a press conference at Parliament House in Canberra, Wednesday, June 1, 2022. (AAP Image/Mick Tsikas) NO ARCHIVING

Picture this: it’s 2063, the Rolling Stones have just celebrated the band’s 100th anniversary, and Australia’s population has reached 40.5 million people… Yesterday, Treasurer Jim Chalmers released the Intergenerational Report predicting what the world could look like (sans what’s in Mick Jagger’s future…) if we continue current policy settings. Long story short, our ageing population’s need for care/support, the integration of technology, climate change, and risky geopolitical environment will “change how Australians live, work, and engage with the world,” he says. And yes, our economy will be 2.5 times bigger, but after last financial year’s surplus, we’re expected to run deficit budgets for all those 40 years. You read that right… It doesn’t have to be this way – this report informs policymakers about what course corrections should be made. Game on…

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