Population growth biggest challenge for economy
Population growth will be the biggest challenge Australia will face emerging from the global financial crisis says head of Treasury, Dr Ken Henry.
Giving a speech in Brisbane on Thursday, Dr Henry predicted a 60 percent increase in population by 2050. He said the challenge would require national leadership on urban development.
“This certainly does pose a set of challenges, just the larger population… does pose a set of challenges for Australian governments, Commonwealth and state, that is probably in order of magnitude larger than any that the Federation has yet had to deal with,” he said.
Dr Henry added that he sees four major challenges facing Australia over the next few months: ageing population, climate change adaptation and mitigation, information and communication technology and the impact of a booming China and India on Australia.
“With the right decisions one can envisage a period of unprecedented prosperity,” he said.
“With less judicious decision, however, we could experience an extended period of extreme volatility, with no growth path proving sustainable.”
We can only hope that the government takes a long-term view with a strong focus on sustainability, otherwise, we will be setting ourselves up for an economic slump or even a crash in the future. Growth is only good if it is sustainable. Don’t want to repeat 2008/2009.
If we had a sustainable and stable population, we could afford more foreign aid and humanitarian refugees settling here in Australia. Our massive import of “professionals” is causing hardship for the existing population. If our pockets must be raided for a basic such as water, then clearly we are toppling over sustainable population numbers. The public have no say in these government decisions but the costs are passed on.