Australia in 2066: AI, slower economic growth and an ageing population | The Business | ABC NEWS

By ABC News (Australia)

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An older Australia, with less babies and a service based economy. That's the glimpse forty years into Australia's future provided by the Treasurer in the Intergenerational Report. But households are predicted to enjoy cheaper power through the energy transition, and the transformation through the AI boom is predicted to be profound. The forecast for Australia in 2066 also points to slower growth, mounting pressure from an ageing population, and growing intergenerational pressures, particularly around housing and wealth. Treasurer Jim Chalmers says incomes will be 55 per cent higher and living standards will be better. Australia's population is expected to grow from 28 million today to 39.3m by 2065-2066. That's smaller than previously forecast, primarily due to a declining fertility rate. Business Council of Australia chief executive Bran Black says fewer people will be working to fund older Australians, who have increasingly complex and costly care needs. Grattan Institute chie

Tags: Australia, abc, abc news, news, business news, finance news, economic news, economy, finance, the business, abc news australia, the business ABC, intergeneration report, Lin Lin, Jim Chalmers, AI, Tim Wilson, living standards, ageing population, cheaper power