Increasing Age-Related Spending Could Weaken Australia's Long-Term Credit Quality, Says S&P Report Oct 10
- ID: 2092083
- October 2010
- Region: Australia
- Standard & Poors
MELBOURNE (Standard & Poor's) Oct. 12, 2010--Australia's aging population, combined with a shrinking workforce, could create future spending pressures that may undermine the country's long-term fiscal position, Standard & Poor's Ratings Services said in a report published today. The report titled, "Global Aging 2010: Australia", is part of a global study that updates Standard & Poor's 2007 study on the sustainability of public finances in the light of demographic change. "We expect total age-related spending on health, pensions, and aged care to rise to 14.4% of GDP in 2050, from 9.6% in 2010," Standard & Poor's analyst Kyran Curry said. "Without further reforms to address these mounting spending pressures, net general government debt could increase to 71% of GDP over...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings)
Action: General Comment
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