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Get ready to “fall off your chair”: Intergenerational Report
Treasurer Joe Hockey is hoping that Thursdays release of the much anticipated intergenerational report will be the magic bullet he needs to persuade a sceptical Australian public.
The problem to be fixed: Figuring out how to reduce the inexorable growth in spending, when the fastest growth is in areas such as social security, health and pensions and the problem is only going to get worse.
We know this report is expected to scare us because Treasurer Joe Hockey said so. “When people see some of the graphs in the intergenerational report they are going to fall off their chairs,” and we think he is probably right.
With statistics that include;
- in the year 2050, for every 100 working Australians, there will be 20 people aged 85+ (double today)
- in the year 2050, the cost of healthcare will rise from 5% to 10.8% of GDP,
the facts can not be ignored.
Without a plan the reality for working Australians is costly (an extra 12% in income just to fund the health needs of our expanding older generation, to be exact).
Our advice – get ready to fall (off your chair that is) when you read the report on Thursday!
To celebrate it’s release we’ve found this infographic comparing the politics and policies of the past three reports.
This infographic was originally published on The Conversation, March 3rd 2015. The article; The lofty language of Intergenerational Reports, Chris Palmer and Emil Jeyaratnam