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Australia warns of risks from ageing population, falling birth rates
Treasury said an ageing population, declining fertility and slower migration will cut growth to 0.9% a year over four decades.
- On Monday, the Treasury published its Intergenerational Report, forecasting that deaths will exceed births in Australia by the 2060s for the first time. "Deaths are projected to outnumber births by the 2060s," Treasury stated in the report.
- Population growth will slow to 0.9% annually over the next four decades, down from the 1.4% average over the past 40 years, as fertility rates decline and net overseas migration falls. An ageing population will boost demand for healthcare and aged care workers.
- Australia is following a path already taken by advanced economies including Japan, Germany, and South Korea, where deaths have already outnumbered births. This demographic transition presents significant long-term economic challenges for the nation.
- Prime Minister Anthony Albanese's Labor government tightened immigration rules last week to counter the One Nation party's surge in support. Albanese's approval rating slipped this week to its lowest level since 2022 amid rising immigration concerns.
- Future tax cuts were flagged in the report as Labor provides cost-of-living relief to Australians grappling with elevated inflation, higher mortgage rates, and expensive housing. The demographic shift underscores long-term fiscal pressures on the economy.
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Australia has released a 40-year population forecast report, warning of an aging society and declining birth rates, which could lead to the number of deaths surpassing the number of births for the first time in the 2060s, as population growth slows.
Australia warns of risks from ageing population, falling birth rates
·London, United Kingdom
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Bias Distribution
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R 50%
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