Welcome to 2060…
The latest Intergenerational Report, delivered quinquennially (which is a fancy way of saying it happens every 5 years…), skipped 2020 thanks to COVID because it was clear what was going down would have lasting effects. Long story short:
• Our population will reach 38.8 million by 2061, down from 2015’s forecast of 40 million people by 2055. It’s the first time there’s been a downturn in our predicted population. That comes down to a mix of fewer expected migrants and declining birth rates.
• That means it could take 40 years to get the Federal Budget back into surplus. That comes down to a mix of fewer productive people than expected and an ageing population that relies on government spending on health, aged care and welfare.
• But those born in 2060 will have ages to fix things… Men born in 2060-61 are expected to live to 86.8yo, compared to 81.4yo years for people born in 2020-21. And women born in 2060-61 are expected to live to 89.3yo, compared to 85.4yo for those born now.
Treasurer Josh Frydenberg said the report provided “early warning signs” for what was to come. Let the good times roll…
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