From the only economy with no deficit and no debt, this is where we are only ten years later:
The forecasts are a central feature of a new Intergenerational Report to be released tomorrow showing that federal deficits were on track to reach almost 12 per cent of the total economy by 2055 under Labor policies.
Preventing that outcome, Coalition policies will instead cut the deficits to 6 per cent of GDP by 2055 as a result of tax increases and spending cuts that have already been legislated.
But what really is the point of looking at things in 2055, about which we can know nothing. A report in 1975 about Australia today would have been just as meaningless.