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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 December 3, 2020CEDA Senior Economist Cassandra Winzar says that Western Australia’s economy has escaped the worst impacts of COVID-19 and the state should now focus on building the economic foundations that will see it thrive into the future.