Treasurer Jim Chalmers will use a new report to make the case that pressure on the budget will intensify from 2024 and remain under stress long term.
Treasurer Jim Chalmers has issued a warning that half the budget will be swallowed by spending on health, aged care, the NDIS, defence and interest payments on debt within the next 40 years.
In today’s dollars, the 5.6 percentage point increase is about $140 billion, meaning the cost increases will be in the order of hundreds of billions of dollars by 2063. “We’ve delivered Australia’s first budget surplus in 15 years – a direct result of our responsible economic and fiscal management – but it will take more than one budget or one term of budgets to undo the decade of damage done by the Coalition,” Chalmers said.across its first two budgets to the bottom line, which he has argued is better than the Coalition’s achievement in the last government of returning 40 per cent of the gains to the budget bottom line.
The report, produced by Treasury, provides a picture of the economy over the next 40 years. It will contain updated forecasts about the labour market, economic growth and the projected population of Australia.
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