In another argument for increasing migration an article in Adelaide Now last year explained how a $68 billion pension blow out will force the Federal Government to raise immigration levels and taxes.
Economists say the mass retirement of 4.5 million post-war baby boomers over the next decade, with the first wave born in 1946 reaching the pension age of 65 this year, will lead to a $68-billion-a-year blowout in the cost of aged pensions and healthcare, creating an “Enron-style” black hole in the federal budget.
Analysis by demographic economists MacroPlan Australia, using government data, shows the annual bill for pensions will almost double to $63.5 billion a year by 2020. [Read more...]
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Unemployment data shows RBA misread the economy…
It turns out that the RBA has indeed (at least superficially) “misread” the economy, as so many commentators are keen to claim. Awkwardly, however, it seems to have materially underestimated the strength of our labour market, which its research suggests is the single most powerful predictor of future inflation. [Read more...]