'Vital' to think about retirement: Hockey

Federal Treasurer Joe Hockey says the trends in the government's intergenerational report show it's vitally important to think laterally about the future.

'Vital' to think about retirement: Hockey

File image of Federal Treasurer Joe Hockey.

Federal Treasurer Joe Hockey has hit back at claims the federal government's intergenerational report is a political document, saying the trends contained in it are clear.

"Unquestionably, people will discuss the intergenerational report. They'll look at it, some will claim it's a political document. So be it," Mr Hockey told reporters in Sydney on Saturday.

"But the numbers and the trends are there, whether it's the Liberal Party, the National Party, the Labor Party, the Greens or Palmer United, the fact is the trends are still there. The numbers are still there.

"The challenges of the future are still there. So it's vitally important that we think outside of the traditional box about retirement."

Mr Hockey's comments come after opposition parties criticised what they said were misleading projections in the latest intergenerational report, and a scant reference to the impact of climate change.

The 40-year outlook for the Australian economy, released on Thursday, shows people will live longer and be healthier but probably have to work longer to pay for government services.

Provocatively, the report also contained projections of a huge budget deficit in 2054/55 based on the policies of the previous Labor government.

Labor says the forecasts are based on Mr Hockey's doctored mid-year budget review in 2013, released shortly after the coalition came to power.

Mr Hockey said the report meant changes would have to be made "to preserve the very best of everyday Australian life".

"We have laid down a plan," he said.

"We invite our political opponents to join us in this conversation. You can't put your head in the sand and expect that the world's going to change."


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Source: AAP


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