SYDNEY (Reuters) - The Australian federal government will have to spend about half its total budget on health, aged care, defence, disability support ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSSYDNEY - The Australian federal government will have to spend about half its total budget on health, aged care, defence, disability support and debt repayments by 2063 up from about a third now, official forecasts showed on Monday.
Ahead of the report's formal release on Thursday, Treasurer Jim Chalmers said though he felt optimistic about the future, the country must adapt and understand the major challenges for the economy ahead. Australia's total spending on health was expected to increase the most as a share of GDP over the next 40 years, with the care economy increasing from around 8% of GDP currently to around 15% in 2062-63, according to the report.
Australia's population growth is projected to slow to an average of 1.1% over the next 40 years versus 1.4% over the past 40. The total population is projected to reach 40.5 million in 2062-63, broadly similar to the last report in 2021, from about 26 million now.
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