The Property Tribune
The fact that Australia, and indeed many countries across the globe, has an aging population has been a known challenge for decades.
The most recent Intergenerational Report published in 2021 provides an outlook for the economy and the Australian Government’s budget over the next 40 years. That report clearly outlines how structural trends such as an aging population are an ongoing challenge for the Australian economy and the budget.
According to the report, in 2060-61, 23% of the population is projected to be over 65, a rise of around seven percentage points from 2020-21.
As our baby boomer generation starts to reach 65, we are in the midst of a major demographic transition that is driving a rapid fall in working-age people. It will reduce labour force participation and impact on the housing needs of a growing segment of people.
To read this article in full, click here. This article is from #4 2022 edition of UDIA WA’s The Urbanist magazine. To read this edition in full, click here.