Aging Population to Challenge Australian Finances in Future Decades Warns Report

SYDNEY - Australia is facing a smaller and older population as a result of coronavirus, according to a landmark government study that is published every five years. 

The Fifth Intergenerational Report is forecasting slower population growth in Australia due to falling levels of immigration and a sharp decline in the fertility rate.     The reports are published every five years. They forecast the outlooks for the economy and the budget over the next four decades.    Modeling has suggested that the economic legacy of the COVID-19 pandemic is going to be felt for many years to come. It has highlighted the ballooning costs of health care as the population ages.