Warnings Australia's ageing population will put pressure on taxpayers

With cost of living pressures continuing to impact households and businesses and a global economic downturn on the way, the Federal Government has ruled out raising taxes in this term of parliament. The government also remains confident of avoiding recession.

Treasurer Jim Chalmers speaks to the media during a press conference in Sydney, Wednesday, August 23, 2023. Source: AAP / BIANCA DE MARCHI/AAPIMAGE

Key Points

• The Intergenerational Report, forecasting the economy over the next 40 years, shows government spending will rise by $140 billion or 5.6 percentage points of GDP by 2063.
• Health, aged care, the National Disability Insurance Scheme, defence and debt interest payments are the driving factors for the increase.
• Around 17 million Australians are estimated to collectively own around $3.5 trillion in superannuation assets in the next 40 years.

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Warnings Australia's ageing population will put pressure on taxpayers

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