While there has been much talk recently about the extent of the structural budget deficit, accompanied by the inevitable commentary about increases in taxes and reductions in expenditure, a notable absence has been the subject of how long Australians are living.
Australia is undergoing a period of substantial demographic change. For the first time, our society seeks to support two older generations – the baby boomers in their 60s and their parents in their 80s and 90s. An Australian boy born in 2010 can expect to live to 80. A girl born in the same year can expect to reach 84. Of those who make it to 65, men can expect to live to 84 years and women to 87 years.
By contrast, in 1901 only 4% of Australians were aged 65 years or older. By June 2010, this proportion had risen to 13.5%. According to ABS projections, this proportion will increase to between 21% and 23% by 2041.
That’s one in four of us over the age of 65 in 28 years’ time.
