The Australian points out that given the higher costs due to the aging population, current government spending is unsustainable, citing the Shepherd report that renews attack on welfare and debt.
Tony Shepherd, the former head of the National Commission of Audit, renews attack on welfare and debt.
The Australian argues that Australia will be faced with a shrinking workforce while the old-age dependency ratio increases.
It also points out that the average Australians are not aware of the problem due to the lack of explanation of the issue from politicians of all sides and that needs to change now, in the lead-up to the budget.
The point is that if we dont properly deal with Australias fiscal mess, it is the most vulnerable Australians who will suffer in the long run.
The paper explains that the demographic reality facing Australia is clear, in 2055, 2.7 working people for every Australian aged 65 or older will need to contribute as much as. This means that current government spending is unsustainable.
The Australian emphasizes that now is the time for politicians on all sides to be more realistic to ensure government spending remains sustainable, arguing the longer remedial action is postponed the more painful it will be.
