A smaller Australia but a more dependent one: 2021 Intergenerational Report

Australia is going to be smaller, and the population will age more rapidly - that is the snapshot from the Federal Treasury. The intergenerational report is released roughly every five years, and it's intended to guide government spending over decades. This one shows more people will need to rely on the government - and there will be fewer people to keep the economy working.

Australian treasurer Josh Frydenberg holds a copy of the 2021 Intergenerational Report in Melbourne on June 28, 2021. Source: Getty Images

"The 2015 IGR projected that Australia's population would reach almost 40 million people by 2054-55. This IGR projects the population will reach 38.8 million in 2060-61. This is the first time there has been a downward revision of the population forecast in an IGR.", Federal Treasurer Josh Frydenberg said.

With fertility rates falling, the Treasurer says migrants will continue to be Australia's largest source of population growth.

The report highlights that with this ageing population, spending on health, aged care and the NDIS will also grow significantly.

Another factor affecting not just Australia but the whole world is climate change.

 

Download the free SBS Radio app to listen live and on-demand or explore podcasts.

https://podfollow.com/sbs-japanese

Visit our Facebook for more Japanese stories and images.