Australia’s population is ageing rapidly! The Australian Government Intergenerational Report (2010) states that by 2050, older people (aged 65-84) are expected to more than double and those aged over 85 will more than quadruple.
In just under forty years, in June 2050, almost one in four Australians (23%) will be aged over 65.
Four decades ago, Australia’s population could aptly be described as a population pyramid. Life expectancy tables were such that the population followed a linear pathway with more younger people and as you move up through the age groups, fewer older people (check out slide #4 below).
Today, Australia’s population pyramid has a distinctively rectangular shape, created by both increasing life expectancies as well as the massive Baby Boom generation entering their older years (slide #5).
The workforce of 2050
The ratio of retirees to workers will double over the next four decades. In today’s workforce, there is a ratio of 15 workers to 3 retirees! By 2050, there will be 15 workers to 6 retirees. As a result, there will be fewer people working to support an increasing proportion of older Australians.
McCrindle Baynes Villages Census Report 2011
The McCrindle Baynes Villages Census Report 2011 was a comprehensive research project, involving the world’s largest quantitative census of retirement village residents combined with qualitative focus groups of non-residents and demographic analysis of the target cohort.
For more information about the Census Report, please contact McCrindle Research on (02) 8824 3422 or download the PDF summary.