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Australian Treasury Forecasts Increased Life Expectancy and AI's Economic Impact by 2065/66
Key points
- Australian women's life expectancy forecast to reach almost 90 by 2065/66.
- Men's life expectancy predicted to rise to 86 years by 2065/66.
- AI identified as the "defining influence" on the economy over 40 years.
- Population growth expected to slow to 0.9% annually.
- Deaths will outnumber births by the 2060s.
- Australia's seventh Intergenerational Report was released.
- Jim Chalmers delivered a speech at the Australian National University.
Life Expectancy Projections
The latest update to Australia's intergenerational report, from the Treasury, projects a significant increase in life expectancy over the next four decades. By 2065/66, life expectancy at birth for women is forecast to reach almost 90 years, up from approximately 86 years currently. For men, the projection is an increase to 86 years, up from 82 years.
Drivers of Increased Longevity
Treasurer Jim Chalmers attributed the rising life expectancy to Australia's universal healthcare system and advancements in medical research. The report supports continued investments in Medicare, the Pharmaceutical Benefits Scheme, and the recent rollout of urgent care clinics to sustain these trends.
AI's Economic Influence
The report highlights artificial intelligence (AI) as the "defining influence" on the Australian economy over the next four decades. While acknowledging the transformative potential, Treasurer Chalmers also noted that AI would come with "very substantial risks" that need to be addressed.
Population Growth and Budgetary Pressures
Despite increased longevity, Australia's population growth is expected to slow to 0.9% annually over the next 40 years, down from 1.4% in the previous 40 years. The national population is predicted to reach 39.3 million by 2065/66, which is 1.8 million lower than the 2023 forecast. This slowdown is largely due to lower fertility rates, with fewer women having three or more children. A growing and aging population is expected to contribute to long-term budget pressures.
Updates
- Deaths will outnumber births by the 2060s.
- Australia's seventh Intergenerational Report was released.
- Jim Chalmers delivered a speech at the Australian National University.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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How outlets covered it
Australia's latest intergenerational report projects that deaths will outnumber births by the 2060s, leading to an aging population and slower economic growth. The report indicates that future economic growth will rely on productivity gains, with artificial intelligence expected to play a pivotal role.
Australia's Treasury released an updated intergenerational report forecasting that life expectancy will rise to nearly 90 for women and 86 for men by 2065/66, driven by healthcare and medical research. The report also identifies artificial intelligence as the "defining influence" on the economy over the next four decades, despite associated risks.