The growth of Australia’s aging demographic is estimated to account for a 40 per cent of increasing federal government spending on healthcare and elderly support services.
Over the forthcoming decade, the National Disability Insurance Scheme (NDIS) and interest payments on government debt are expected to show the most rapid growth among various spending categories. However, as the 40-year projection period draws to a close, spending on healthcare and aged care is predicted to experience the quickest growth.
In April, the national cabinet disclosed a strategy to achieve savings of $50 billion over the next decade by decreasing the growth target for NDIS, reducing it from 14 percent to eight percent by 2026.
More information can be found in the intergenerational report can be found here: https://treasury.gov.au/publication/2023-intergenerational-report
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