State of play in Australia
According to the Australian Government’s Intergenerational Report 2010, the ageing of Australia’s population will see the number of people aged 65 to 84 years more than double and the number of people 85 years and over more than quadruple.
As a consequence, the proportion of the population of traditional working age and therefore the rate of labour force participation across the whole population is projected to decline. The labour force participation rate for people aged 15 years and over is projected to fall to less than 61% by 2049–50, compared with 65% today.
What does this mean for organisations?
The rapidly growing group of mature age Australians will represent a key group of potential workers with which to respond to the projected labour market shortage. But they remain an untapped potential.
