00:00 An intergenerational ambition.
00:03 I want him to be living in a world that's kinder, not only between ourselves but also
00:10 kinder to the environment.
00:12 Baby Kazoo will be 40 years old when today's forecast could become reality.
00:16 A lot of jobs that exist now didn't exist when I was young, right?
00:21 So it's really hard to imagine him doing a job that is available now.
00:29 As our population ages, this will create some challenges as well.
00:33 Challenges to our budget and challenges to growth.
00:37 Forty years ago, Australia was a young country, with the bulk of the population aged 40 or
00:42 under.
00:43 Forty years from now, it'll be a different story, with far more older Australians and
00:47 fewer younger people working to support them.
00:50 Living longer comes at a cost.
00:52 Healthcare spending is forecast to more than triple by 2060.
00:56 Australia isn't just getting older, it's getting hotter.
00:59 And a lot rests on how fast emissions can be cut.
01:02 The IGR makes clear the costs that could come with rising temperatures, the impact on specific
01:07 sectors like agriculture and tourism.
01:10 Even if warming can be limited to two degrees or less, crop yields across the country will
01:15 fall.
01:16 At three degrees, it's a sharper drop.
01:18 At more than four degrees, it's a rapid decline.
01:21 Australia stands to lose, and lose much more than many other countries.
01:27 One outcome is all but certain.
01:29 Budget pressure is bound to build, with fewer younger people paying tax and more older people
01:34 needing care.
01:35 We are really asking the next generation to pay twice for that ageing population.
01:41 This report rings the same alarms as the five before it.
01:44 To maintain standards of living, the economy needs to be more productive and taxes should
01:48 be updated.
01:50 Means one thing, actually doing it is something different altogether.
01:53 Jim Chalmers hints he's up for reform, in his own time.
01:57 We've made our tax reform priorities clear and that journey's not finished yet.
02:01 Big changes to look after the little things.
02:04 Hopefully I will be happily retired and if you let me, I want to be spending some time
02:10 with you still.
02:11 Yeah?
02:12 Maybe dinner once a week?
02:14 [BLANK_AUDIO]
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