Australia runs the risk of being ‘crippled by pension spending’, according to conservative think tank, the Menzies Research Centre.
This prediction was made on behalf of the centre by businessman Tony Shepherd, who was chair of the previous Abbott Government Commission of Audit in 2013/2014. Mr Shepherd raises concerns about the so-called ‘age dependency ratio’ in Australia, likening it to that of Japan by mid-century.
Mr Shepherd considers the ‘entitlement’ attitude of older Australians to be a major problem, noting that, “The baby boomers did a great job growing our country and much of our current wealth is built on their work. But they're not shy on the way out in looking after their interests. They're not holding back."
The report will be released today as part one of three reports which outline problems, suggest solutions and then offer a final blueprint for economic sustainability.
Read more at The Sydney Morning Herald
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