Treasurer says Aussies forecast to live 'longer and healthier' lives

Federal treasurer Jim Chalmers has copped a grilling from the Today hosts over a new report laying out Australia's challenges into the future.

As the cost of living crisis continues to dig deep into Australian pockets, the latest Intergenerational Report has warned the government will have to increase spending in coming decades.

"So, we are getting the budget in much better nick, and we are not doing that for its own sake, we're doing it so we can afford these services that Australia will increasingly need and Australians need, whether it is health care, aged care, NDIS, spending on national security," Chalmers said.

He said the forecast was for Australians to live "longer and healthier lives" in the coming decades.

He also sparred with Karl Stefanovic over Prime Minister Anthony Albanese's recent overtures to business to support the government's climate and economic agenda.

"Boy, that's an about-turn," Karl said.

Watch the full segment in the player above.

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