Back in 2002 the then-treasurer, Peter Costello, had a problem. The combination of privatising Telstra and the arrival of the first mining boom meant he had lots of money to spend and no excuse not to spend it. So, the intergenerational report was born.
Rather than focus on the fact that Australia was one of the richest countries in the world, that the mining boom was driving record government revenues and the government was sitting on tens of billions after selling off profitable assets, the IGR helped Peter Costello to convince the public that rather than invest in health or education, or support Australians in need, we had an obligation to look to the future and ensure that the budget was in good shape 40 years down the track.