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Australia is becoming a second-rate country again
Bigger government, higher taxes, more expensive energy, more regulated workplaces and closing off natural growth options will make Australia second-rate again.
Critics of this week’s Intergenerational Report queried its assumption that artificial intelligence would rescue Australia from its decade-long productivity drought.
But even this hopeful assumption would leave a sub-par future that Treasury and the government of the day seem satisfied to bequeath to the next generation.
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Why younger Australians are facing a tough economic future
Younger generations have missed out on economic gains. (Unsplash: Hannah Busing )
It is difficult enough to predict what will happen next month, let alone 40 years from now.
Regardless, for the past quarter of a century, Australian governments have sought to project where the nation is heading and predict the challenges and opportunities that may present themselves every five or so years.
They're rarely correct. But that's hardly the point. In many ways, it is just as instructive to figure out why previous forecasts missed the mark, delivering valuable insights into how best to approach the future.
This latest report, the seventh since 2002, has arrived at a seminal moment in history.
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