Life expectancy to surge

Treasury's intergenerational report, released Monday, forecasts life expectancy at birth will reach almost ninety for women and eighty-six for men by twenty sixty-five to sixty-six.

Healthcare drives longer lives

Treasurer Jim Chalmers said Australia's universal healthcare system and medical research are key drivers of rising life expectancy, making the case for further investments in Medicare and the Pharmaceutical Benefits Scheme.

Population growth to slow

Australia's population is expected to reach thirty-nine point three million by twenty sixty-five to sixty-six, one point eight million lower than the two thousand twenty-three forecast, as growth slows to zero point nine percent annually.

Fewer women having three kids

Much of the population slowdown stems from lower fertility rates. Chalmers said almost half the decline in fertility is because fewer people are having three or more kids, with mothers having fewer children later in life.

“Almost half the decline in fertility rates is actually because fewer people are having three or more kids and what that reflects is mums having fewer kids later in life.”

Government backs family choices

Labor is subsidising childcare, increasing paid parental leave and lifting mandatory superannuation contributions to make it easier for people to choose how many children to have.

AI becomes defining influence

The report identifies artificial intelligence as the defining influence on Australia's economy over the next four decades. Treasurer Chalmers warned it would come with very substantial risks that the government must work to minimise.

Albanese seeks global AI framework

Prime Minister Anthony Albanese is visiting the United States to discuss a global framework for AI rollout, urging the US and China to cooperate and saying middle powers like Australia have a role to play.

“We want to see cooperation. We've seen that in the past with new technologies, even on nuclear weapons, for example, we saw agreements and protocols put in place through the nuclear non-proliferation treaty.”