NSW Intergenerational Report: key ideas

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2021/22 NSW INTERGENERATIONAL REPORT: NOTABLE PREDICTIONS FOR 2060/61

* NSW will have 11.5 million residents, 40 per cent more than today. Three-fifths of the growth will come from net migration, and the other two fifths from natural increase

* The median age in NSW will be 44, up from 38

* There will be 2.4 people of working age for every person aged 65 years or older, compared with 3.9 today

* Spending on health will represent 38 per cent of the budget, up from 29 per cent

* More women of working age will take part in the workforce, though the participation rate will remain below the men's rate without policy intervention

* The NSW economy will more than double in size to $1.4 trillion

* The five fastest-growing skills will be science, programming, operations analysis, systems evaluation and technology design. The five slowest-growing skills will be repairing, equipment maintenance, installation, operation and control and equipment selection

* The extent of climate change's impact on the economy is uncertain. If temperatures increase by 2.8C by 2060/61, the NSW economy would lose $4.5 billion in annual income by then compared with a rise of 2C

* The fiscal gap will reach 2.6 per cent of gross state product, with net debt levels at 100 per cent of GSP or $125,000 per person

* NSW will requires 1.7 million more homes, equivalent to one new home for every two existing homes. That means 42,000 new homes every year

* Slower population growth and population ageing will lead to slower growth in state tax revenues

* if the global shift to renewable energy is faster than anticipated, coal production in NSW could cease by 2042.

SOURCE: 2021-22 NSW INTERGENERATIONAL REPORT

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