Intergenerational report reveals spending in key areas to blow out to half Australian budget by 2063

Health, aged care, NDIS, defence and interest payments will grow from one-third of government spending over next four decades

• Follow our Australia news live blog for latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

The five fastest growing areas of federal spending - health, aged care, NDIS, defence and interest payments - will grow to half of the budget by 2062-63, according to the intergenerational report.

The report, to be released in full by the treasurer, Jim Chalmers, on Thursday, finds those areas will grow from one-third of commonwealth government spending and increase by a total of 5.6% of gross domestic product over four decades.

Sign up for Guardian Australia's free morning and afternoon email newsletters for your daily news roundup