Australia Looking Towards an Older, Smaller, More Indebted Population
Australia’s projected population growth has taken a battering from COVID-19, which will see migration slow and future economic growth struggle.
Treasurer Josh Frydenberg handed down the 2021 Intergenerational Report (IR) on June 28 as the subject of his address to the Committee for Economic Development of Australia (CEDA).
The IGR reports, which former Liberal Treasurer Peter Costello first introduced in 2002, provides a 40-year outlook on the country’s economy and its impact on the budget.
The report found that Australia’s population would reach 38.8 million by 2060-61, in contrast to earlier predictions according to the last report in 2015 that Australia’s population would reach 40 million by 2054-55.
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Josh Frydenberg s two young children struggled to contain their boredom as their treasurer father unveiled the Budget - with his wife forced to tell them to shush .
Mr Frydenberg s family were seen sitting to the side of the House of Representatives at Parliament House on Tuesday night as the Morrison government s 2021/22 Budget was delivered to the nation.
The government has extended tax breaks for 10million Aussies, increased welfare for those looking for jobs, reformed childcare to save 250,000 families an average of $2,200 a year, and made it easier for single parents to buy their first home.
But the treasurer s two children Gemma and Blake did not seem particularly inspired by the announcements, with their attention focused elsewhere.