Australia’s long-term economic outlook is set to be revealed next week with the release of the latest Intergenerational Report.

Treasurer Jim Chalmers will release the report at an address to the National Press Club next Thursday which will provide a big picture view of the economy.

Dr Chalmers said the report would “shine a light” on forces shaping Australia’s economy, budget and society in the next four decades.

“Whether it’s the shift from globalisation to fragmentation, from hydrocarbons to renewables, from IT to AI, from younger to older and what that means for our industries, particularly our care economy,” he told ABC Radio.

“The starting point of the Intergenerational Report (IGR) is that Australians can own the future if we manage and maximise the big shifts underway and make the most, particularly, of this defining decade that we’re in right now.”

The IGR will outline Australia’s opportunities in supply chains, industrial bases and energy transformation.

Dr Chalmers said the guide provides a future picture of the economy which the government can look to while addressing the current cost of living crisis.

His speech will outline how the government plans to manage and maximise the shifts in the economy.

“What we’ve tried to do in the IGR itself is to make it largely a depoliticised, heavily factual with lots of forecasts from the Treasury about how we are expecting our economy, budget and our society to evolve over the next 40 years,” he said.

“Our big objective has to be how we make more Australians beneficiaries, not victims, of the big shifts and transitions which are underway in our economy and in our society.

“We do that by making our economy more productive, more dynamic and more competitive.”

 

Maeve Bannister
(Australian Associated Press)