Pandemic will have a ‘very significant impact’ on Australia going forward

Treasurer Josh Frydenberg says the pandemic will have a “very significant impact” on the nation going forward - ahead of the release of the fifth Intergenerational Report which forecasts deficits for the next 40 years. “Our population will be smaller than initially thought because of what the consequences of the pandemic has led to,” he said. “Namely the closed borders and the fact that migration has fallen, and population growth has fallen to its lowest level in 100 years. “We also have an aging population which is also going to put particular pressures on both the expenditure and the revenue side. “But when you look at our debt levels, they still remain low by international standards - about half of what it is in the United Kingdom and the United States and less than a third of what it is in Japan. “That being said, we continue to extol the importance of being fiscally disciplined. “What the report does show is that the economy continues to grow despite the challenges we face."

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