CANBERRA, April 2 (Xinhua) -- Australia's ageing population will cost the nation's taxpayers 36 billion Australian dollars (25.5 billion U.S. dollars) a year by 2028, a report has found.
According to the Parliamentary Budget Office, one of the government's top independent budget advisors, the cost of the aged pension and aged care will exceed that of Medicare -- Australia's publicly-funded universal health care system - by 2028, three years earlier than previously forecast.
The report, which was released on Monday evening, found that the number of people of retirement age for every 100 of working age is on track to rise from 21 to 29 by 2031 as the baby boomers - Australia's largest generational cohort - retire, shrinking the workforce by 600,000 people.
As a result, ageing is projected to detract 20 billion Australian dollars (14.2 billion U.S. dollars) from revenue by financial year 2028-29 and add 16 billion Australian dollars (11.3 billion U.S. dollars) to government spending.
"Changes during the next couple of decades will be particularly significant," the report said.
"The ageing of the baby boomer generation will affect the budget in waves.
"This net effect is greater than the projected cost in that same year for any one of Medicare, the National Disability Insurance Scheme, Commonwealth funding for schools and hospitals, Family Tax Benefit or the Disability Support Pension - all of which are among the top 10 spending programs in the Commonwealth budget."
