Ageing is a challenge and also one of the greatest signs of our success. The Regional Australia Institute will identify how an older regional Australia can be successful.
The ageing reality
The ageing trend is creating a mix of challenges and opportunities for our economy and society.
The latest intergenerational report predicts that by 2050 there will be one Australian over the age of 65 for every 2.7 working age Australians. But 59 local government areas are already beyond the situation predicted for Australia in 2050.
Older Australians are a key source of population growth in regional Australia and our regions can offer older Australians a great quality of life and lower living costs.
Attracting an older population brings new wealth, experience and energy to communities. We also know aged care services are already a key growth sector for many regions.
Rise of the Super Boomers
The rise of the Super Boomers is one trend that will transform the way in which ageing plays out in regions.
Super Boomers make up 39 per cent of the regional workforce and will stay engaged in work longer than previous generations. 33 per cent of all SMEs in Australia are operated by a person aged over 50 years.
Approximately 72 per cent of Super Boomers plan to spend their lifetime’s savings rather than leaving an inheritance.
Read more about how Super Boomers are changing the face of regional Australia.
Work in 2017
Our work program under this theme will see the release in early 2017 of new RAI research into ‘Regional Australia’s Ageing Boom’. This report will set out national benchmarks of older Australians’:
- Workforce participation patterns
- Consumption patterns for goods and services
- Retirement income projections
The report looks into the impact on regional economies of older resident spending and workforce participation. Meeting the consumer needs of older residents and supporting longer workforce participation will bring additional income for local business, helping expand local economies.
Following this foundation work, the RAI is planning to localise this analysis by working with up to 20 local governments through 2017 to map their economic growth potential. We will carry out detailed research and modelling with each place to identify strategies communities can take to lift the economic impact of their older residents.
Learn more about our ageing population
Read RAI CEO Jack Archer’s take on the regional ageing challenge in this opinion piece.
Check out how Super Boomers are shaping a older and successful future for regions.
Understand the population dynamics of aged migration in regional Australia.
Take a national view of the ageing challenge in the Australian Government 2015 Intergenerational Report