Medicare unsustainable, govt says

Mr Hockey said he was "ringing an early warning bell" about the sustainability of federal funding for vital programs, saying hard work will be needed in the future just to maintain the quality of life expected by most Australians.

"The starting point is if our health and welfare and education systems stay exactly the same, Australia is going to run out of money to pay for them," Mr Hockey told the Seven Network on Friday.

"We'll either have to have a massive increase in taxes, and that means fewer jobs at the end of the day, or we're going to have to look at ways we can restructure the system to make it sustainable."

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