There is a sting in the tail from news this week that Australia’s population will grow more slowly and be 1.2 million smaller in a decade than anticipated.
average personal income tax rate will rise from about 23 per cent this year to almost 27 per cent over the next decade, even if the much-debated stage three personal income tax cuts take effect from 2024-25.
“When your population is ageing, like a lot of countries around the world and like we are here in Australia, that does put pressure on the budget because you want to be able to provide great healthcare and great services and appropriate levels of pensions and other payments for people at that stage of life,” Chalmers said.
“There are challenges and opportunities in Australia’s ageing population,” Chalmers said. “It’s becoming more important than ever to build a bigger and better-trained workforce, particularly with the proportion of working age people projected to decline in the years ahead. Former Labor prime minister Kevin Rudd suffered political blowback when he embraced a “big Australia” 15 years ago. Housing affordability and infrastructure constraints are big concerns among voters when they consider immigration.
Amid a major worker shortage, the Albanese government at September’s Jobs and Skills Summit increased the number of permanent migration visas available in 2022-23 from 160,000 to 195,000 places – creating an extra 35,000 permanent visas.Chalmers has made it clear that migration would complement – not supplant – the training of local workers, and childcare for parents to help them work more. The October budget included $1 billion for fee-free TAFE and vocational education places and $4.
Australian National University emeritus professor of demography Peter McDonald says population policy is “all about migration”.
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