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Older, bigger, slower growing, more diverse. Living standards at risk of going backwards. These were the key takeaways from the latest Federal Intergenerational Report (IGR), writes Dr Liz Allen. The intergenerational bargain or contract, which implicitly suggests that the country handed to each subsequent generation is the same, if not better, than the socioeconomic conditions enjoyed previously, has been eroded. Increasing or maintaining living standards can no longer be guaranteed. Australia’s dumb luck has run out.
The 2024 Federal Budget is a step in the right direction for the kind of strategic investment needed to tackle the energy transition, sovereign capability and our economy. It also plants the seeds for future growth. But as we race to meet our net-zero ambitions, will it meet the objectives?
Read more Opinion article March 20, 2023Treasurer Jim Chalmers was right to bring forward the release of Australia’s second five-yearly productivity review, Advancing Prosperity, as the economy struggles through the post-pandemic hangover and years of lacklustre productivity performance before that, writes CEDA Chief Economist Jarrod Ball.
Read more Opinion article March 30, 2022After hearing the Federal Treasurer’s triumphant Budget speech, and with a cursory reading of the Budget papers, one could walk away feeling relatively comfortable about Australia’s economic position as we wade through the COVID-19 pandemic. The Budget predicts that nominal gross domestic product (GDP) growth will be 10.75 per cent this year, with real GDP growth of 4.25 per cent. Unemployment is at a 13-year low of four per cent and is projected to fall further to 3.75 per cent over the next two years. Importantly, this level of economic activity is a significant improvement compared with what was forecast in last year’s May Budget.
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