NDIS and aged care are among the top five spending pressures that will account for one half of all Commonwealth spending within four decades.
The top five spending pressures on the budget will account for one half of all Commonwealth spending within four decades, based on the current trajectory, the new Intergenerational Report forecasts .
“Demographic ageing alone is estimated to account for around 40 per cent of the increase in government spending over the next 40 years. “While health spending is growing more slowly than NDIS, aged care or interest, it represents a larger share of total spending. As a result, health spending is expected to increase the most as a share of GDP over the next 40 years.”
Although the budget is back in surplus, and could stay that for another year, based on the current terms of trade, Dr Chalmers has warned repeatedly it will fall back into deficit as spending pressures balloon.
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