Towards 2061 - planning for the future
- The Beagle
- Jun 8, 2021
- 1 min read
The 2021-22 NSW Intergenerational Report (IGR) has been released presenting a snapshot of our future State to inform the policies that will continue to make New South Wales the best place to live, work, run a business and raise a family.
In the Report, Treasury look forward 40 years to 2061 to understand how the State’s population, economy and finances may change based on global and local trends, and current policies.
The Report examines key long-term challenges associated with an ageing population, a widening fiscal gap between the revenue raised by the government and growing expenditure pressures, and rapid transformation in the economy.
The Report also incorporates the significant impacts of the COVID-19 pandemic.
Treasury says "we need to maintain a modern, diversified economy to ensure continued prosperity for generations to come. A strong economy, supported by productivity-raising reform, high-quality services and responsible fiscal management will enable us to build the collective wealth of the people of New South Wales, and create resilience to shocks and uncertainty."
The population of New South Wales is projected to grow to 11.5 million by 2061, up from 8.2 million today. Our population will be older on average, with one quarter of the NSW population aged 65 or over by 2061, compared to 17 per cent today.
The fertility rate is expected to structurally decline into the future, reflecting the trend towards having a smaller number of children later in life. We will also be living longer and spending more years in good health. As the fertility rate declines, migration will become increasingly important for population growth and to slow the ageing of our population.