Aus Facing Economic Disaster From Wave Of Retirees – Rudd

February 2, 2010 | By Kim Walker

The Australian Prime Minister said that, by 2050, there would be only 2.7 people of working age for each person aged 65 years and older, compared with 7.5 people in 1970 and five-to-one this year. Within 40 years, the proportion of the population aged 65 years and older would almost double to 23 per cent.

This foreshadowed a shake-up to remove workforce barriers and lift workforce participation – themes likely to be central to a planned overhaul of the taxation system.

The findings are based on the Third Intergenerational Report soon to be published.

The Prime Ministers Australia Day Speech speech states among the long-term challneges facing the country; the deep structural challenge of an ageing population and its implications for our future economy and society.