What Australia will look like in 40 years & why you should care

Last year, Treasurer Jim Chalmers handed down the latest Intergenerational Report from the federal government, which predicts what our country will look like in 40 years and the state of the nation’s finances.

So, in today’s episode, we discuss what will Australia look like in 40 years.

Australia in 2063: Demographic Shifts and Economic Strategies

In this episode of Demographics Decoded, the conversation revolves around insights from Australia’s latest intergenerational report, highlighting critical projections and their implications for the nation’s future.

• Australia’s latest intergenerational report, projecting demographic and economic changes over the next 40 years
• The aging population, longer life expectancies, and evolving attitudes toward assisted dying among baby boomers
• Anticipated population growth driven significantly by immigration and the importance of strategic urban planning
• Keeping Australia attractive to immigrants
• Economic forecasting in a mining-driven economy and the challenges posed by global market dependencies
• Impact of decarbonization and changing consumer preferences on government revenue, including shifts away from fuel taxes and tobacco excise
• Case study on vaping as an example of innovation disrupting markets and necessitating new regulations
• Future property trends towards medium and high-density dwellings in urban areas to accommodate an aging population
• Future productivity growth
• Increasing service-based economies
• Australia’s potential to transition into a clean energy leader, similar to Norway’s model of reinvesting fossil fuel profits into sustainable initiatives
• Challenges of rising government debt and the need for increased productivity to maintain economic growth and sustainability

Our discussion emphasizes the importance of innovation, strategic planning, and sustainable policy adjustments to ensure Australia’s long-term prosperity.

Some of our favorite quotes from the show:

“So we can’t grab young European people into the country. It’s utterly impossible, and we don’t have any ethnic goal or strategy in our migration or population growth narrative. So we just take them from countries where young people are, and that is Asia.” – Simon Kuestenmacher

“Our cities are going to expand and I think just the way we live is going to mean we’re still going to be living in the big capital cities and, yes, there’ll be some large regional centres around, but the sort of accommodation we’re going to live in will be a bit different too.” – Michael Yardney

“And so, that’s where we need to honestly rethink about our economy because Australia has been complacent. Australia has been falling in all of those fun rankings like global innovation index, global complexity indexes, and so forth.”- Simon Kuestenmacher

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