Australian Treasury’s Seventh Intergenerational Report provides a 40-year forecast of the country’s economic and demographic future and a non-partisan basis for debating long-term challenges. Treasurer Jim Chalmers warned that deeper migration cuts sought by the Coalition and One Nation would damage the economy, worsen skills shortages and intensify pressures between generations. Net overseas migration has already fallen almost 50% from post-Covid highs, while the Albanese government is pursuing further reductions through caps and visa restrictions. Labor acknowledges migration’s effect on housing demand amid constrained supply but maintains that migration is needed to expand Australia’s working-age population.