Page 74 - Intergenerational Report News Today

Australians working from home during lockdown can still buy some office items at the last minute and claim them back on tax. The 2020-21 financial year ends on June 30, which means professionals have only two business days left to visit an Officeworks or stationery supplies store. More than 10million Australians earning up to $126,000 are already in line to receive between $255 and $1,080 in tax cuts. With a bit of good time management, they can get even more money back, provided receipts are k...

Treasurer Josh Frydenberg (Image: AAP/Mick Tsikas) If nothing else, the release yesterday of the latest Intergenerational Report served to demonstrate that were locked into the same useless debate about economic reform thats been going on for years. The reports assumption of a return to annual productivity growth of 1.5% over the long-run has been universally derided as an act of wild optimism, especially given Treasurer Josh Frydenbergs professed attitude that all the big reforms have been don...

Fact or fiction: a 40-year budget deficit burden? 29 June 2021 This Intergenerational Report (IGR) released by the Federal government (https://treasury.gov.au/intergenerational-report) is a classic economic work that either sends people asleep or turns them into a Homer Simpson, who simply would look at it and say: “Boring.” Potentially it’s a chance for younger generations to complain about older ones, which is an issue I’ll get back to after summing up this work produced by the number...

AIST chief executive, Eva Scheerlinck, said: “As younger generations retire with greater superannuation savings, the total proportion of older Australians receiving the Age Pension will continue to decline. It is a very significant to see that the number retirees drawing a full-age pension is expected to halve by 2060”.  Similarly, the Association of Superannuation Funds of Australia (ASFA) chief executive, Dr Martin Fahy, said: "With more Australian retirees having higher super balances, ...

Date Time Intergenerational Report offers chance to reflect on need for sustained investment The 2021 Intergenerational Report (IGR) was published yesterday, laying out a 40-year projection of the Australian economy, the age and size of the population, and the long-term impacts of Budget measures on Australian life. Needless to say, COVID-19 is the economic linchpin of much of the document’s direction, an event it refers to as “the most severe global economic shock since the Great Depressio...

MacroBusiness Access Subscriber Only Content at 10:00 am on June 29, 2021 | 13 comments Professor Gary Banks – the long-time former chief of the Productivity Commission (PC) – has shredded Treasury’s Intergenerational Report (IGR), claiming that the case to reboot Australia’s mass immigration program post COVID does not stack up economically or socially. Instead Banks recommends a level of net overseas migration (NOM) of only 90,000 annually: Australia’s relatively high rate of popula...

IGR used as propaganda tool to ramp-up immigration at 10:40 am on June 28, 2021 | 7 comments Treasurer Josh Frydenberg will use today’s Intergenerational Report (IGR) as ammunition to reopen the mass immigration floodgates, according to “Australia will be mired in debt and deficit for at least the next 40 years unless it boosts skilled migration, workforce participation and productivity”. “A well-targeted and sustainable skilled migration program” will be spruiked as an essential ing...

Quarantine facilities must be bolstered to address dwindling migration numbers © Provided by Crikey Howard Springs quarantine facility Australia will have 1.2 million fewer people by 2060-61 than previously estimated, with 23% of the population projected to be over 65. A huge reason for this decrease, as stated in Treasury’s latest Intergenerational Report, is due to a slowing birthrate and limited immigration. Migrants are key to Australia’s economic recovery and will continue to be the...

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The Australian government is keen to fly in skilled migrants to fight back against slowing growth and a shrinking population Jack Derwin (Steven Saphore, Anadolu Agency via Getty Images) A smaller Australian population due to COVID-19 will hurt the economy for decades to come, the governments new Intergenerational Report has warned. Unveiling national projections until 2060, Treasurer Josh Frydenberg revealed Australia faces an economic slowdown as it becomes an older and smal...