The new intergenerational report reveals without a change to the nation’s tax mix,workers,banks and mines will carry the cost of future services.
Half of the nation’s commodity exports will be made up of just one mineral – iron ore – this year,according to new forecasts for the sector.
Strong jobs figures suggest the economy is performing better than expected and could force the RBA to lift interest rates much earlier than expected.
Australia’s jobless rate has fallen to 5.1 per cent after the creation of 115,000 jobs through May.
A fall in productivity growth over the past decade has cost every Australian $11,500 in lost income,eating into our standard of living.
The intergenerational report,delayed a year,is due out later this month. Labor has promised to refocus the document to include whether policies are actually working.
Liberal MPs are demanding the federal government consider radical plans to bring the runaway housing market under control.
But researchers note reading to children at home can improve literacy outcomes,which in turn boost ongoing skill levels as they became adults.
A record number of Australians with second jobs and a record number of house demolitions point to the ongoing strength of the economic recovery.
Governments have played down concerns about government debt because of low interest rates. But the Productivity Commission has some concerns.
Ratings agency S&P has lifted its outlook for the federal budget,citing high commodity prices and a strong post-recession rebound.