Australia is experiencing a post-COVID baby boom, throwing off the financial worries of the pandemic recession when the nation’s fertility rate fell to an all-time low
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Australia is now expected to grow from 25.7 million people in 2021 to 39.2 million during the next two decades. The falling birth rate means the median age of Australians would rise from 38.2 in 2021 to 42.8 by 2060. “Our approach addresses workforce shortages in a number of ways – making it easier for parents to work more if they want to, training more Australians for skills shortages which have been building for a decade, and improving our migration program, which is the focus of the migration review being led by Clare O’Neil,” Chalmers said.
The previous intergenerational report, released by then treasurer Josh Frydenberg in June 2021, showed the budget in the red to 2060-61.
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