The latest Intergenerational Report paints a picture of an Australian landscape working in a very different way to ones we have seen in the past. There is no room for blank spots, writes Laura Tingle.
The IGR says that "spending on health and age pensions as a share of GDP was lower in 2021–22 than projected at the time of the 2002 IGR as a result of non-age related costs of health being lower than expected and having a younger population than projected, but payments like aged care were higher".
White Australia's economic history has been built on growth — surges of growth driven by massive inflows of people and money going back to 1788. The blips on the horizon have really only come about when we have temporarily choked on it all — as we did in the 1980s and for that matter in the 1990s. On top of all that, the mining investment boom of the early 2000s has passed as the Chinese economy has matured and we are set for a profound change in our resources sector. We always seem to have something to dig out of the ground — now it is rare earths.
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