Danielle Wood says the latest growth forecasts mean Australians’ living standards will rise at a slower rate than they have in the past. Follow updates here.
Australia’s economic growth will be significantly slower over the next 40 years, due to an ageing population and lower population growth, putting pressure on governments to reform taxes, show budget discipline, and lift productivity, workforce participation and migration rates.
The latest intergenerational report forecasts annual average growth of 2.2 per cent over the next 40 years, which would be the lowest since World War II, and 0.9 percentage points lower than the average annual growth of the past 40 years.It is also lower than the 2.6 per cent average annual growth rate forecast by the previous report that was released in 2021 by the Morrison government.
The latest report also makes the case for the stage three tax cuts which begin next year, as well as ongoing tax relief thereafter, to ensure the ever dwindling proportion of workers is not suffocated by income taxes climbing as a proportion of GDP.
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