More Australians will be dying than being born in 40 years as major report predicts future of lower growth
Summary
Australia’s latest government report predicts that by the 2060s, more people will be dying than being born due to lower birth rates and an ageing population. Economic growth is expected to slow down, but the rise of artificial intelligence (AI) could help improve productivity and living standards over the next 40 years.Key Facts
- Australia’s births are projected to fall below deaths by the 2060s.
- The population will continue to age, with more people living into their 90s.
- Population growth will slow to 0.9% annually, down from 1.4% historically.
- Economic growth per person is expected to slow from 1.5% to 1.2% over the next 40 years.
- Productivity growth is assumed to increase due to AI and innovation.
- Government spending as a share of the economy will rise by about 1.1 percentage points by the mid-2060s.
- The report highlights challenges in supporting an older population with fewer workers.
- The intergenerational report is published every five years and helps show long-term economic and social trends.
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