Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Hansard source

I thank the member for Mitchell for his question and acknowledge the strong interest he has in public policy. The Treasurer recently released the Intergenerational report, a vitally important document that tells a very good story about how Australians are living longer and how their incomes are rising. But the impact of this on our tax system will be quite significant, particularly as the proportion of traditional working-age Australians to those over the age of 65 will decrease from 4.5 to one to just 2.7 to one over the next four decades. The trajectory of debt and deficit which we inherited from the Labor Party would have reached $5.6 trillion in four decades time, which would have condemned Australia to a higher tax regime.

Mr Champion interjecting—

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