Preparing for future challenges
The Intergenerational Report shows that we need to focus on reforms to enhance productivity and participation, and repair the budget to continue to provide the services that Australians expect
Australia’s strong economic performance over the past 40 years has greatly enhanced our standard of living.
But, continued economic growth and prosperity cannot be taken for granted.
The 2015 Intergenerational Report projects that the Australian population will grow and change in the next 40 years. Australians will live longer, and the number of Australians aged 65 and over will increase as a proportion of the population.
Improving Australia’s economic performance and living standards in the future will depend crucially on productivity growth—that is, working more efficiently and effectively. We must also find ways to boost the number of people participating in the workforce.
The 2015 Budget recognises the changing shape of Australia and sets us up to take advantage of the opportunities this presents.
This Budget is about taking action now. Measures to support small business innovation and increase participation with better child care will drive our future prosperity.
Continued progress on budget repair will ensure we are better placed to meet whatever challenges the future may bring.