Australian Treasury Projects Deaths Will Exceed Births by 2060s

The Treasury department published an Intergenerational Report projecting that deaths in Australia will exceed births for the first time in the 2060s. This shift is driven by declining fertility rates and slowing net overseas migration. Treasurer Jim Chalmers noted that the number of Australians over 85 is expected to triple by 2066. Sources indicate that the government expects population growth to slow to 0.9 per cent annually over the next four decades, down from an average of 1.4 per cent over the last 40 years.

The report identifies ageing population, the energy transition, and a shift to a service-based economy as five of the most consequential transformations facing Australia's economic outlook. The demographic changes put further demand on health services and present challenges for the economy grappling with an ageing population and declining births.