Australia faces an imminent choice between a prosperous future or a “slow decline” according to the country’s peak scientific organisation.

The CSIRO has released its Australian National Outlook 2060 report, looking at two versions of the country 40 years from now - one a prosperous nation of the future, the other a stagnant society struggling with the effects of recession and climate change.

The CSIRO has studied where Australia might be headed in the next 40 years. Credit:Shutterstock

The difference, the report asserts, is how we plan to address the challenges facing the nation now.

"We believe the positive outcomes in this report are all achievable, but they will require bold, concerted action and long-term thinking,” CSIRO futures director James Deverell said.