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Australia Ageing Population Demographic as Baby Boomers Retire

From MacroBusiness Australia “Here comes the demographic  tsunami”:

 

‘The Weekend AFR contained an interesting article contending that Australia’s baby boomer generation are finally starting to exit the workforce en masse after many delayed retirement in the wake of the Global Financial Crisis (GFC):

 

The long-awaited surge in retirements by baby boomers is gathering pace, driven by a rebound in share prices and the property market…


[AMP’s Shane] Oliver said while the natural pattern of retirements was disrupted between 2008 and 2010, more Australians are now retiring because of rising asset prices, including a 20 per cent rise in stocks over the past year…


….. “It’s not surprising that the participation rate would start to fall once the baby-boomer generation started turning 65, and that is what has happened in the past few years,” he said…

 

I have long argued that the coming retirement of the large baby boomer population would cause stiff headwinds for the Australian economy, as well as many other advanced economies around the world.

According to United Nations (UN) population data, Australia’s dependency ratio – i.e. the ratio of the non-working population, both children (< 20 years old) and the elderly (> 65 years old), to the working aged population – fell steadily in the decades to 2010. However, in the decades ahead, the dependency ratio is projected to rise steadily as the baby boomers retire and the population ages (see next chart).’

 

AIEC Australian International Education Centre Immigration Development Population News.

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