Abstract:

This report is about a broadly based strategic framework to address emerging issues associated with an ageing population is necessary to protect and enhance our position in this important policy area. Policies that support continued economic and social contributions by older people will be essential. Short to medium term action will be required by government(s), business, community organisations and individuals to improve outcomes. The baby boomer generation will enter older age with different aspirations and expectations. They are likely to demand a greater range and higher quality services and experiment with ways of experiencing older age. The increasing resources, expectations and needs of future generations of older people will have implications for the business sector. Baby boomers will be the main driver of the increased number of people 65 years and over. Their numbers will increase the over 65 age group by 50 per cent over the next 10-15 years. Improved life expectancy will also see the numbers of people aged 80 years and over double during the next two decades. We will see different patterns of disease and disability, technological advances, changes in family structures, and changes in national and personal wealth. Health and well being across the lifespan including older age will continue to be high priorities. Financial planning and the need to raise awareness of the value of savings will be a key issue for greater numbers of Australians. People will require an adequate retirement income for a longer period of time. This highlights the importance of a better balance between the safety net of the age pension and the self provision possible through adequate superannuation and/or other savings. It will be important to have effective mechanisms in place to secure the billions of dollars accumulating to support retirement living. The centrality of home ownership to financial security particularly in older age will remain.