Virus must not sideline repaying pandemic debt
While focusing on the pandemic remains the priority, we canât afford to use this as an excuse to kick the big fiscal and productivity questions raised by the fifth Intergenerational Report down the road.
Alison Watkins
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As someone whoâs benefited from a massive increase in Australiaâs growth and prosperity, Iâd like to see the next generation enjoy the same opportunities as mine experienced. That means a sustainable country with an economy that can finance our future while we better protect our climate and environment.
So last weekâs Intergenerational Report, typically publicly published every five years, is crucial. Our political cycles are short: the process of judging whether we have the right policy settings for 40-year trends is essential. Predicting the future is difficult, especially during a once-in-a-century global pandemic. But issues, such as our ageing demographic, are already clear an
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at 11:00 am on July 2, 2021 | 20 comments
Anybody hoping that Labor leader Anthony Albanese would take a lower immigration platform to the upcoming federal election will be disappointed by his upcoming speech today to the National Press Club:
Anthony Albanese will launch a Bob Hawke-style jobs summit if he becomes prime minister…
[Albanese will] voice his concerns about the Intergenerational Report’s prediction that the temporary migration population will almost double over the next 40 years.
“Migration policy done right can lift wages and job opportunities and contribute to economic growth,” he will say. “But as Reserve Bank governor Philip Lowe has pointed out, the reliance on temporary workers by business has ‘not made wages responsive to the economic conditions’.”
Australian immigration COVID: Is there a case for an amnesty? afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
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at 1:00 pm on July 1, 2021 | 0 comments
Treasury’s Intergenerational Report showed that superannuation funds under management will soar from around 157% of GDP currently to a projected 244% of GDP by 30 June 2061:
As at 31 March 2021 the superannuation system had assets under management valued around 157 per cent of GDP.80 It is projected this will grow to around 244 per cent of GDP by 30 June 2061. Of this amount, it is estimated that almost three-quarters of funds under management will be held in the accumulation phase.
The IGR also showed that the cost of superannuation concessions will over take the cost of providing the aged pension: