Intergenerational Report 2023
Australia’s future to 2063
.
Overview:
Powerful forces will continue to shape Australia’s economy over the coming decades including population ageing, expanded use of digital and data technology, climate change and the net zero transformation, rising demand for care and support services, and increased geopolitical risk and fragmentation. These forces will influence the future path and structure of our economy and change how Australians live, work, and engage with the world.
By 2062–63, the economy is projected to be around two and a half times larger and incomes 50 per cent higher in real terms. However, like other advanced economies, Australia’s economic growth is projected to be slower than in the past 40 years. This is driven by lower projected population growth and reduced participation due to ageing, along with an assumption of slower long-run productivity growth. The economy is projected to grow by an average of 2.2 per cent per year in real terms over the next 40 years compared to 3.1 per cent over the past 40 years.
Slower economic growth will place pressure on the tax base at a time of rising costs, creating a long-term fiscal challenge. Despite recent improvements in Australia’s fiscal position, debt-to-GDP remains high by historical standards. Long-term spending pressures are also rising across health, aged care, the National Disability Insurance Scheme (NDIS), defence and interest on government debt. Gross debt is projected to decline from historical highs before rising again from the late 2040s to reach 32.1 per cent of gross domestic product (GDP) by 2062–63.
Australia’s ability to meet challenges while seizing future opportunities depends on choices today. The Government is repairing the budget, while also making the critical investments and productivity reforms necessary to grow the economy. This will position Australia to take maximum advantage of emerging technologies and the transformation to net zero. The Government is also investing in people, sustainably providing essential care and support services, expanding opportunity and addressing disadvantage, and continuing to position the nation’s diplomatic and defence capability for regional security.
Read the full article here
24 August 2023
2023 Intergenerational Report
treasury.gov.au
Latest Newsletters
Hot Issues
- Getting to a higher level of financial literacy in Australia
- What is the future of advice and how far off is superannuation 2.0?
- Investment and economic outlook, April 2024
- Australia’s debt service ratio ‘extraordinary’: CBA
- Connecting an adviser with your children
- ACCC scam report
- The Shortest-reigning Monarchs in History
- ATO warns trustees about increasing crypto scams
- Aged care report goes to the heart of Australia’s tax debate
- Removed super no longer protected from creditors: court
- ATO investigating 16.5k SMSFs over valuation compliance
- The 2025 Financial Year Tax & Super Changes You Need to Know!
- Investment and economic outlook, March 2024
- The compounding benefits from reinvesting dividends
- Three things to consider when switching your super
- Oldest Buildings in the World.
- Illegal access nets $637 million
- Trustee decisions are at their own discretion: expert
- Regular reviews and safekeeping of documents vital: expert
- Latest stats back up research into SMSF longevity and returns: educator
- Investment and economic outlook, February 2024
- Planning financially for a career break
- Could your SMSF do with more diversification?
- Countries producing the most solar power by gigawatt hours
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- Quarterly reporting regime means communication now paramount: expert
- Plan now to take advantage of 5-year carry forward rule: expert
- Why investors are firmly focused on interest rates
- Super literacy low for cash-strapped
- Four timeless principles for investing success
- Investment and economic outlook, January 2024
Article archive
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
July - September 2023 archive
- Single-asset segregation barred
- Intergenerational Report 2023
- Transferring wealth to the next generation
- Investment and economic outlook, August 2023
- Managing complex relationships in SMSFs comes down to well-crafted deeds
- Last chance for $25,000 super deduction
- Super gender divide to remain a challenge
- Oldest Buildings in the World
- Advice-Related Complaints Low Despite Huge Rise In General
- From purchase to lease, SMSF property documentation is essential
- Taxing unrealised capital gains a grave concern: Burgess
- Protect your business from cyber threats.
- Our investment and economic outlook, July 2023
- Understanding the role of custodians
- Returns rebound in 2022-23
- The top mode of transport in the world
- Tax alert warning could catch more in the ATO web
- Five questions that indicate how financially literate you are.
- Preparing for EOFY tax scams with business and cyber resilience
- High interest and inflation can pay dividends for SMSFs
- Australians need a retirement confidence boost
- The “secret” to financial freedom? Persist while others quit
- Top 50 Greatest Cuisines
- More Australians are unlocking home equity to fund retirement