Australia forecasts life expectancy of up to 89 years for women — The Guardian
Australia forecasts that by 2065/66, life expectancy at birth will be 89 years for women and 86 years for men. Currently, these figures stand at approximately 86 and 82 years respectively, The Guardian reports, citing an extract from Australia’s new Treasury intergenerational report.
40-year forecast
The full report is due to be published on Monday. It will assess the consequences of government policy over the next 40 years.
According to Jim Chalmers, the key factors behind the increase in life expectancy are Australia’s universal healthcare system and the impact of medical research. He also said the forecast points to a need for further investment in Medicare, the Pharmaceutical Benefits Scheme medicine subsidy program, and the recent rollout of urgent care clinics.
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Population ageing and demographics
At the same time, population growth and ageing will create long-term pressure on the state budget. According to the Treasury forecast, Australia’s population will reach 39.3 million by 2065/66 — 1.8 million fewer than projected in the 2023 intergenerational report.
Average annual population growth over the next four decades is forecast to slow to 0.9%, compared with 1.4% over the previous 40 years. Much of this slowdown is linked to falling fertility rates: fewer women are having three or more children.
Chalmers also noted that the forecast for future government debt had improved by about half a trillion dollars compared with the 2023 estimates. At the same time, a significant part of the expected economic progress will depend on new technologies, including artificial intelligence.
