Budget to fall back in deficit and stay in deficit for 40 years, page-3

First 3 Last

Share
Profile

Follow
blueballs

19,738 Posts.

483

24/08/23

17:17

Post #: 69532285
Share

Originally posted by johngalt815 ↑

The federal budget is set to fall back into deficit this financial year and stay that way for the next four decades, as an ageing population increases spending pressures, the tax base erodes, and climate change ravages traditional revenue sources while imposing extra costs on the economy.

In launching the report at the National Press Club, Dr Chalmers said that to buttress the economy for next 40 years, governments had to show the same policy vision as the Hawke/Keating government showed in the 1980s,which had enabled the economy to flourish over the past four decades.

The Intergenerational Report forecasts the population to reach 40.5 million by 2062-63, by when the number of people aged over 65 will have doubled, the number of those aged over 85 will be triple that of now, and there will be a six-fold increase in those aged over 100.

The five fastest-growing costs on the budget – the National Disability Insurance Scheme, interest payments in debt, defence, aged care and health – will between them cost $140 billion more a year in today’s dollars than they do now.

https://www.copyright link/politics/federal/forty-years-of-deficit-as-climate-and-ageing-population-ravage-economy-20230824-p5dz0t

Expand

SO the money to save the boomers arse during covid is a substantial debt burdened to future generations...how bout the boomers give back a bit more
3 Upvote

Reply

Top Stories

AII

Inside the depths of Panasqueira: A legacy carved in rock

Building value through discovery in Mexico’s silver heartland

ASX Market Close: Trump tariffs paused til August; CBA falls below $300B

Listen: HotCopper Wire Podcast 016 – FY25 ended up not so bad... but Trump unpause is coming

Trump chides Powell as Goldman call for calm. The RBA must be nervous