Abstract

Australia, the "oldest continent on Earth," is used as a case study to illustrate the policy challenges posed by population aging, using a '3-Ps,' population-productivity-participation, framework. While most developed economies face a demographic challenge, they differ markedly in respect of 'starting point' fiscal positions and the appropriateness of policy design. Pro-growth policies, focused on participation and productivity, offer the best prospects of meeting the looming fiscal challenge without compromising the living standards of future generations.

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