Demographic change is emerging as a structural driver of state fiscal outcomes, not just budgets
Rising pension costs in ageing states are crowding out spending on health, education and capital investment
Weaker tax bases and higher committed spending are pushing up debt and interest burdens
Younger states bear the cost of skilling future workers despite weaker own-revenue capacity
Migration reshapes labour markets, but fiscal systems fail to reflect its costs and benefits
Ageing requires targeted fiscal reforms, from pension rules to transfer frameworks