In Australia’s recently released Intergenerational Report (IGR), the profound influence of technological and digital transformation over the next years has been in the spotlight, offering insights into its correlation with global economic growth and improved living standards. The IGR, a respected barometer for long-term economic trends, attributes the uplifting trajectory of workers’ productivity, enhanced working conditions and wage growth directly to the march of technology and digital advancements. “Digitalisation and the adoption of new technologies, shifts in our industrial base, the energy transformation, demographic change and serious geopolitical uncertainty are already changing the shape of our economy and this will continue over the coming decades,” said Australia’s Treasurer Jim Chalmers. The real economy is projected to be around two and a half times larger than today and real incomes around 50% higher by 2062–63. However, like other countries, Australia’s economic growth is projected to be slower than in the past 40 years. This is being driven by lower projected population growth and reduced participation as the population ages, along with an assumption of slower long-run productivity growth. Today’s Intergenerational Report sets out imperatives & opportunities for the next 40 years. This is our blueprint for the future – understanding […]
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