A glimpse of what Australia will look like in 2066
Treasury says migration will keep population growth going as the workforce ages and long-run budget deficits widen without higher productivity.
- On Monday, Treasurer Jim Chalmers released the latest Intergenerational Report, predicting Australia will experience four decades of "remarkable change" driven by artificial intelligence, an ageing population, and energy transition.
- The Australian Treasury identifies five major transitions expected to reshape the economy, including geopolitical fragmentation and the AI revolution, as annual growth slows to 2% over the next 40 years from 3% previously.
- Deaths are projected to outnumber births by the 2060s as the fertility rate falls to 1.34 by 2065-66, though Australia's population will still reach 39.3 million, driven by overseas migration.
- Rising demand for health and aged care will drive government spending to 27.7% of GDP by the mid-2060s, creating structural budget pressures that demand long-term policy reforms.
- While the report describes AI as "a defining influence" on Australia's future prosperity, Coinbase Australia noted it overlooks essential digital financial infrastructure needed for agentic systems.
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Watch Australia Bets on AI to Spur Economic Growth For Decades
Australia is betting on AI to drive economic growth over the next 40 years. The Treasury’s Intergenerational Report says the technology is expected to help deliver its long‑term labor productivity target of 1.2% a year. It also estimates $150 billion could be spent on data centres by 2030. ANZ's Group Chief Economist, Richard Yetsenga, joins "Bloomberg: The Asia Trade" to discuss what this means for Australia's growth outlook.
AI forecast to increase Australia's productivity and cut debt - ABC listen
Federal Treasurer Jim Chalmers says artificial intelligence is the biggest economic transformation of our lifetime. The latest intergenerational report, released today, forecasts that AI will play a pivotal role in increasing productivity and reducing gross debt. New South Wales Premier Chris Minns says society must confront the scourge of domestic and family violence, after four separate incidents across the state over the weekend... including …
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