The NSW Treasury Intergenerational Report 2016 was released in May 2016 and provides an insight into what NSW might look like in the next 40 years.
The intergenerational report is published every five years and projects demographic, workforce and housing trends across NSW over the next four decades. It also provides a long-term projection of the State’s economic and fiscal position.
In 2056 it is predicted that the NSW population will increase by around 50%, our economy will exceed $1 trillion, and gross capital expenditure will be at 49.2 billion. Trends identified in the report include an aging population, increased life expectancy and reduced participation in the workforce, although more people over 65 years will be participating.
Key finding of the report shows in 40 years’ time:
- NSW’s economy will be worth $1.3 trillion dollars, after becoming the first state to be a trillion dollar economy,
- The NSW population will rise to 11.2 million people – around 50 per cent more than today,
- NSW life expectancy for males will increase from 81 to 89 and 85 to 91 for females,
- 24 per cent of the population will be aged 65 and over – up from 16 per cent currently,
- The health sector will make up the largest share of expenses,
- The number of NSW residents aged over 100 will increase by more than tenfold from 1,500 today to around 18,000 in 2056,
- 1.8 million new homes will be built, and
- Innovation and the digital age will deliver employment opportunities for regional NSW.
The report also looks at the trends that affect the regions. One of these could be that technology and the growing ‘virtualisation’ of the workforce is an enabler of the regions. Technology may allow employees of the future to avoid the higher housing costs and congestion generally found in the Sydney metropolitan area. The significant investment in regional infrastructure already underway will also support greater mobility.
A full copy of the report can be downloaded from the NSW Treasury’s Intergenerational Report website.