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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.
Last month, the governing committee of my sons’ childcare centre made the difficult decision to raise its fees by 5½ per cent. As a member of that committee, I took part in the deliberations. We thought long and hard before making this move, writes CEDA Senior Economist Melissa Wilson.
Read more Opinion article September 14, 2015