Intergenerational report predicts NSW population to double to 11 million by 2056

AN AGEING population will put pressure on NSW finances, a new Government report has revealed.

THE number of people aged over 100 in NSW will increase more than tenfold within 40 years, according to new state government projections.

The public health sector will also make up the largest share of government expenses, the NSW intergenerational report has revealed. The projections highlight the challenge NSW faces as it deals with an ageing population, Treasurer Gladys Berejiklian said ahead of the report’s release on Thursday.

“We are living longer, healthier lives and living standards are higher than ever before,” she said.

“But we need to make sure we’re planning now to face the challenges of the future so NSW remains the best place to live and work.”

The Future State intergenerational report also revealed that the state’s population is expected to rise by 50 per cent to more than 11 million by 2056. In that time, 25 per cent of the population will be aged 65 and over, compared to 16 per cent currently, and life expectancy will increase from 80 to 88 for males and 85 to 91 for females.

The state’s economy is also forecast to rival whole countries already on the trillion dollar economy mark such as the Philippines and South Africa.

The economy will grow by 2.3 per cent per year, with real GSP per capita growing by 1.3 per cent in 40 years time, the report shows.

The report, released every five years, also says 1.8 million new homes will be built by 2056, while innovation and the digital age will be the big employment drivers in regional NSW.

KEY FINDINGS IN FUTURE STATE: NSW 2056

* NSW’S economy will be worth $1.3 trillion

* The population will rise to 11.2 million people — 50 per cent

more than today

* Life expectancy for males will increase from 80 to 88 and 85

to 91 for females

Originally published as Intergenerational report predicts NSW population to double to 11 million by 2056