Failure to act now to tackle intergenerational challenges will result in severe economic, fiscal and environmental consequences.
The steps we take today will reduce future adjustment costs and the economic and fiscal consequences of ageing.
Responsible Economic Management
The three pillars of productivity, participation and population are the key to sustainable economic growth.
Higher productivity is supported by the Government's investments in nation building infrastructure, skills and education.
Nation building investment in transport, communication, hospitals and schools
will support productivity and provide infrastructure for a growing population.
Reforms in education and training, health and employment services, and incentives such as the childcare tax rebate and ongoing tax reform will support higher workforce participation.
These investments are complemented by sound monetary and fiscal policies and the microeconomic reform agenda.
Fiscal Strategy
The fiscal strategy will keep real growth in spending to 2 per cent, when the economy is growing strongly, until the Budget returns to surplus. It will bring structural improvements to the Budget, reducing the fiscal pressures of ageing and escalating health costs.
Health Reform
The Government has established the National Health and Hospitals Reform Commission and is committed to reforming our health and hospitals system so every health dollar will buy more and better quality health services.
The Carbon Pollution Reduction Scheme (CPRS)
The CPRS will deliver significant reductions in greenhouse gases in the most cost effective way, while protecting jobs and businesses. 32 countries are already operating emissions trading schemes and more are in the process of introducing them.
Growing the economy
