More Australian women might live into their 90s soon
What's the story
Australia's life expectancy is set to increase significantly over the next few decades, according to a recent report by the Treasury. The intergenerational report predicts that women born between 2065 and 2066 will live an average of nearly 90 years, while men will have a life expectancy of around 86 years. This is a considerable increase from today's averages of about 86 and 82 years for women and men, respectively.
Technological influence
AI to be 'defining influence' on economy
The report also predicts that artificial intelligence (AI) will be the "defining influence" on Australia's economy in the next four decades.
Treasurer Jim Chalmers has warned that while this technological shift could bring about significant productivity gains, it also comes with "very substantial risks."
He stressed the need for further investments in Medicare, the Pharmaceutical Benefits Scheme, and urgent care clinics to support this transition.
Demographic shift
Population growth expected to slow down
The report also predicts a slowdown in Australia's population growth, with an expected annual increase of 0.9% over the next four decades.
This is a decline from the previous rate of 1.4% per year over the last 40 years.
By the mid-2060s, Australia's population is projected to reach 39.3 million, 1.8 million fewer than earlier estimates released in 2023.
Reproductive trends
Declining fertility rates
The report attributes the slowdown in population growth to declining fertility rates, as women are having fewer children.
Chalmers noted that nearly half of the decline in these rates is due to a decrease in women having three or more kids.
He said, "Our job is to make it a little bit easier for people to make that choice if they want to," referring to Labor's policies on childcare subsidies and paid parental leave.