NSW Treasury analysis finds older people living longer, healthier lives, could save Government $1.5 billion

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Figures from the NSW Treasury found people are working longer, living longer and staying healthier, which could reduce a long-term fiscal gap and save the State Government $1.5 billion.

A NSW intergenerational report was released in 2016 outlining how NSW could find itself in a $17 billion hole by the middle of the century due to the projected costs of health and aged care as the population ages.

However, a rise in life expectancy could ultimately lead to an increase in people living healthier lives and for longer, reducing the burden of costs for health care later in life.

For example, people born in 2015 are expected to lead healthy lives for up to 89% of their life.

If this were to happen then it is projected that by 2061, the fiscal gap could be reduced by 0.24%, or $1.5 billion.

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