The 2023 Inter generational Report
Looking ahead, there are some big factors that will continue to shape Australia's economy over the next few decades:
Population Aging: More and more people will be getting older, which means there will be changes in healthcare needs and the job market.
Digital and Data Technology: We'll see even more advanced technology and data use in our daily lives, which will impact industries and the job opportunities available.
Climate Change and Net Zero Transformation: Australia is working towards reducing its impact on the environment and moving towards a net-zero emissions future. This will affect how we produce energy, get around, and lots more.
Rising Demand for Care and Support Services: With an aging population, there will be a greater need for healthcare and support services, which will influence government spending and jobs in these sectors.
Geopolitical Risk and Fragmentation: Global tensions and changes in international relations can affect things like trade and our country's security.
These factors won't just affect the economy; they'll also change the way we live and work and how we connect with the rest of the world.
Now, focusing on the economy itself, by the year 2062-63, it's expected to be about two and a half times larger than it is now. People's incomes are projected to be 50% higher when you consider inflation. However, the catch is that economic growth won't be as fast as it has been in the past 40 years. This is because the population is expected to grow more slowly due to aging, and we might not be coming up with new ways to boost productivity as quickly.
Over the next 40 years, the economy is expected to grow at an average of 2.2% per year when you factor in inflation. To put it in perspective, it grew at an average of 3.1% per year over the past 40 years.
This slower growth means that there will be challenges in collecting enough taxes to cover increasing costs, especially at a time when expenses are going up, especially in areas like healthcare, aged care, disability support, defense, and paying off government debt. Although government debt is predicted to decrease after reaching historical highs, it's expected to rise again starting from the late 2040s and reach 32.1% of the country's gross domestic product (GDP) by 2062-63.
Australia's ability to handle these challenges and take advantage of future opportunities depends on the choices being made today. The government is working on balancing the budget, investing in technology, and making changes to boost the economy. They're also focusing on taking care of people, providing essential services, creating more opportunities, and strengthening our diplomatic and defense capabilities for regional security. So, there's a plan in place to navigate these economic changes and uncertainties.
Published 24 August 2023. ISBN. 978-1-925832-81-5 Link
Politics is a branch of philosophy that deals with moral principles and values. It is concerned with questions about what is right and wrong, good and bad, and what actions should be taken in various situations.
One of the key concepts in both politics and ethics is that of morality, which refers to a set of principles or standards that individuals use to determine right from wrong. Morality is shaped by a variety of factors, including cultural norms, personal beliefs and values, and religious or spiritual beliefs.
There are various approaches to politics, including ideological ethics, which emphasizes the importance of duty and moral rules, and consequentialist ethics, which focuses on the consequences of actions. Another approach is virtue ethics, which emphasizes the importance of character and personal virtues such as honesty, compassion, and courage.
Ethical questions arise in a variety of fields and contexts, including healthcare, business, politics, and technology. In each of these areas, there are unique ethical considerations and challenges that must be addressed.
In healthcare, for example, ethical questions may arise around issues such as the right to life, access to healthcare, and end-of-life care. In business, ethical questions may arise around issues such as corporate social responsibility, fair labour practices, and environmental sustainability.
In politics, ethical questions may arise around issues such as justice, human rights, and the balance between individual freedoms and the common good. In technology, ethical questions may arise around issues such as privacy, artificial intelligence, and the impact of technology on society as a whole.
Overall, the fields of politics and ethics are closely intertwined, complex and multifaceted, with a wide range of perspectives and approaches. However, at their core, they are each concerned with promoting the well-being of individuals and society as a whole, and with ensuring that our actions are aligned with our moral principles and values.
Following is a list of some of the most important publications relating to the subject of politics.
The Timing of Federal Constitutional Referendums
Books on the subject of Politics
Books that had the greatest political impact on the world
The greatest political leaders the world has ever known
Empires of the world
Empires of the mind
Things to come
War of the worlds
See also Ethics
These publications each have a significant impact on the development of politics and continue to be studied, referenced, and applied today.
Corruption in Australian Local Government
Corruption in Australian State Government
Corruption in Australian Federal Government
More to follow