The release of the federal government’s Intergenerational Report (IGR) has not presented anything new, says AMP Capital’s Shane Oliver.
Mr Oliver said while the latest IGR has provided “yet another reminder” of the need to boost productivity and growth and bring the budget deficit under control, the report “tells us nothing” that was not in the initial 2002 report.
“The sad thing is that since the first IGR (which had similar deficit and net debt projections over 40 years) we haven’t really made a lot of progress in either boosting productivity or controlling the budget, despite immense help in relation to the budget from the mining boom,” Mr Oliver said.
“Hopefully, we will start to see more progress out of Canberra, but this is likely to require a political consensus for change that currently appears to be lacking,” he said.
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