The 2021-22 NSW Intergenerational Report (IGR) - a unique snapshot detailing how NSW will change over the next 40 years and the economic opportunities and challenges the State faces has been released.
Key findings of the 2021-22 NSW Intergenerational Report include:
Productivity is projected to become the biggest driver of our economic growth, increasing at 1.2 per cent per year over the next 40-years.
By 2060-61, the fiscal gap is projected to be 2.5 per cent of GSP. While this is an improvement on the 3.4 per cent fiscal gap (by 2055-56) predicted in the previous 2016 IGR, this largely reflects modelling refinements and updated economic and demographic projections. This gap still indicates further action will be needed to avoid the State’s gross debt growing beyond sustainable levels over time.
The NSW population will expand by around 40 per cent to 11.5-million people in 2061, up from 8.2 million.
Life expectancy is projected to increase to almost 92 years for women and just over 89 years for men for people born in 2061, with the median age expected to be 44 years compared to 38 today.
NSW will need up to 1.7-million additional homes by 2061.
The jobs of the future will require a more highly skilled workforce and will be increasingly concentrated in the social services and business services sectors.
Average full-time wages will be around $139,000 per year in today’s dollars (compared to $86,000 in 2018-19), with job growth fastest in business services and social services. Healthcare jobs will also increase in line with the ageing population.
To view the full report click here