This week’s intergenerational report will show the population on track to reach the mark within 40 years, but we will be older and need an army of carers to look after us.
Australia’s population is on track to surpass 40 million within four decades, but it will be grey-haired and require an army of aged care workers that will increase the stress on the entire jobs market.
Chalmers will forecast the population to reach 40.5 million, an increase of 14.2 million on today’s number, by the middle of 2063. It will be roughly in line with Frydenberg’s outlook. That ageing of the population will put enormous pressure on the care economy. There are about 2.2 million people employed in the care sector now, but this is expected to reach almost 4.5 million by 2062-63.
This week’s report will also reveal the economy will not grow as fast, and living standards will be lower, unless there is a step-up in productivity growth.
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