Published on November 9th, 2009 | by john.weir1
Australian economy in “golden age” until 2050
Australian treasuryÂ chief Dr Ken Henry has outlined a golden age for the economy lasting to 2050 and beyond, with rapid population growth one of the key factors. Dr Henry said the period ahead would impose heavily on the Federal Government to pursue economic reform but “with the right decisions, one can envisage a period of unprecedented prosperity”.
Dr Henry told a business forum at Queensland University of Technology that the rapid growth in the population, caused by much higher migration and a rise in the fertility rate, had transformed thinking about the impact of population ageing on the economy, and would require large-scale economic and social infrastructure reform.
He said the projection that the population would rise to more than 35 million people by 2050 implied that Sydney and Melbourne would both grow to cities of seven million, while Brisbane would more than double in size to four million.
Sydney’s population would rise by 54 per cent, Melbourne’s by 74 per cent and Brisbane’s by 106 per cent.
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