THE INTERGENERATIONAL REPORT
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Treasurer Jim Chalmers will release the latest version of the Intergenerational Report in Canberra on Thursday.
WHAT IS IT?
The first report was released by Liberal treasurer Peter Costello in 2002, examining the impact of policies and trends, including population ageing and slower population growth, on the federal budget over the next 40 years.
The latest report will shine a light on the big forces shaping the Australian economy, budget and society over the next four decades.
WHAT WILL IT SAY?
There are five big shifts under way in the Australian economy and society:
* Globalisation to fragmentation of global markets and supply chains
* Fossil fuels to renewable energy
* Information technology to artificial technology
* Younger to older population
* Industrial base to a care economy
There are five main spending pressures on the budget, which are projected to make up half of total federal government spending by 2062/63:
* Health
* Aged care
* National Disability Insurance Scheme
* Defence
* Interest payments on debt
WHAT DOES THE GOVERNMENT PLAN TO DO?
* Renew economic institutions such as the Reserve Bank, promote innovation and boost competition, including in the payments system.
* Invest in data and digital infrastructure including digital ID and the National Broadband Network, as well as the quantum and artificial intelligence sectors.
* Build a more skilled and adaptable workforce through improved access to tertiary education, a Universities Accord and a new national skills agreement.
* Invest in health and aged care, the NDIS, and early education and care.
* Bed down new energy and climate policies and invest more than $40 billion in cleaner, cheaper energy.
WHAT ARE PEOPLE SAYING ABOUT IT?
"The IGR is an important signpost for where Australia is heading over coming decades." - Prime Minister Anthony Albanese.
"I'm a bit sick of Labor telling us how bad it is ... talking about all the challenges (but putting) no solutions on the table." - Liberal deputy leader Sussan Ley.
Australian Associated Press
