Across 300 pages, the intergenerational report delivered an insight into the country’s future. Five graphs tell the full story.
They are the five graphs that tell the story of Australia’s present – and its future. From how long we will live to whether climate change will make it too hot to work outdoors, the graphs feature in theThe report itself is close to 300 pages long, explaining how changes in our population, workplaces and society will shape the economy and federal budget over the coming 40 years.The intergenerational report delivered an insight into the Australia’s future over the next 40 years.
The old-age dependency ratio measures the proportion of people over the age of 65 relative to those aged between 15 and 65. It gives an insight into the actual number of taxpayers compared to those who will draw on tax-funded services such as health and aged care. The old-age dependency ratio surged last decade into this one to 26.6 per 100 working-age people. It is expected to slow a little, but will start picking up again in the 2040s as Gen Xers begin leaving the workforce.
Starting to buy a home later increases the chances of taking a mortgage into retirement. For those unable to buy a home, it also means a longer period on the rental rollercoaster. from labour productivity over the next 40 years. This is actually the value of our day-to-day work, and doesn’t include things like increased spending on natural disasters or reduced wheat crops.
The intergenerational report tries to make that number a little more comprehensible, breaking it down into spending per person. In the just-completed financial year, the government spent $23,808 for every person in the country.Spending is running a little faster than expected in the past two intergenerational reports, but slower than former treasurer Peter Costello feared in his two reports, the first in the series.
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