Australians young and old are reluctant to play the blame game, after the Federal Government painted a bleak fiscal future with a growing and ageing population in its Intergenerational Report released Thursday.

Treasurer Joe Hockey delivered the long-range forecast, which attempts to peer four decades down the track, with less than 10 weeks before he hands down his second federal budget.

The report said Australia's growing debt had the potential to threaten our standard of living and an "ageing boom" of older workers needed to be harnessed.

At the offices of the Housing for the Aged Action Group (HAAG), senior volunteers met to talk about the issues facing Australia's future.

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They said they were increasingly hearing policy analysts detailing the challenges of a so-called ageing population and they did not like it.

What is the Intergenerational Report? A long-range look at the impacts of population and government policy on the federal budget over the next 40 years

A long-range look at the impacts of population and government policy on the federal budget over the next 40 years Prepared by the government of the day, it often lays the foundation for policy change or spending decisions in the budget

Prepared by the government of the day, it often lays the foundation for policy change or spending decisions in the budget Must be delivered every five years

Must be delivered every five years The inaugural IGR was delivered by Peter Costello in 2002 and warned of pressures on the budget from ageing baby boomers

The inaugural IGR was delivered by Peter Costello in 2002 and warned of pressures on the budget from ageing baby boomers Wayne Swan's 2010 IGR set off debates about productivity, a "big Australia" in terms of population growth, and also focused on the challenge of climate change

"We seem to get blamed," 74-year-old Vicky Gutsjahr said.

"We shouldn't be here. We've grown too old. We're living too long."

She does not like the inference that the cost of maintaining the standard of living of older Australians will cost younger generations.

Neither does fellow volunteer Phyll Williams, who is 76 years old.

"If you can get two branches of the population, young and old, to be at different odds with each other, you're creating a fear factor again," she said.

"That's not the country we want to be."

Students dismiss so-called intergenerational theft

At Albert Park College in South Melbourne, Year 11 students also expressed dislike for the young versus old narrative.

But students like 16-year-old Ava Thornley are bracing for a future where retirement might not come until they reach age 75 — or older.

"I think it's unfair," she said.

"It's difficult to think about the future, and plan for what you want to do, when you don't know how much things will cost and if it's even achievable."

But these students dismiss talk of so-called intergenerational theft — the idea that paying for older generations' standard of living now will mean younger generations get less in the future.

Campbell Rider, also 16, said no-one blamed older generations for their standard of living.

"The idea that one part of society is stealing from another, I think that implies that there's this kind of conflict between the old and the young," he said.

"I don't think that's how we should be looking at it."

The numbers spelled out in the Intergenerational Report paint a discouraging fiscal picture for younger generations.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 10 minutes 8 seconds 10 m Joe Hockey speaks with 7.30

In 40 years, with a lower percentage of Australians in the workforce and a larger percentage of retirees, there are projections that services now taken for granted will be under threat.

But many young people, like 16-year-old Graydon Cannavan-Forbes, remain hopeful.

"I'm optimistic that our generation will cope," he said.

"Not necessarily do extremely extravagantly well, but I'm confident that we will get at least a decent standard of living."

And to those who say older Australians should learn to make do with a lower standard of living, senior advocate Ms Gutsjahr has some advice.

"Look out young people. One day you'll be old," she said.

"If you set a pattern of looking after your old people now, then you will also be looked after when you're older.

"These things have a way of going around in circles."

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