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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 2024-25 Federal Budget reflects the challenging task of balancing fiscal responsibility, curbing inflationary pressures and meeting spending demands to accelerate the energy transition, address geopolitical priorities and promote a fairer society. The challenges are exacerbated by the growing complexities of the global landscape and the decline in bipartisan cooperation in policy development. Regrettably, the Budget's effectiveness in tackling these challenges is constrained. It embodies a compromise reflecting the limits of what is politically feasible, writes UQ Professor Flavio Menezes.
Read more Opinion article June 13, 2023According to the Australian government, there is a widening productivity gap between Australian businesses and the rest of the world, writes CEDA Chair Diane Smith-Gander.
Read more Opinion article June 15, 2021Ahead of the release of the Commonwealth Government’s fifth Intergenerational Report, CEDA Chief Economist Jarrod Ball surveys some of the major challenges the report will have to consider in areas such as healthcare funding, productivity, and climate.