An examination of the next generation of technology.
A decade ago, Australian investors were the envy of the world, and it was this appetite for risk and risk-reward that enabled the country to climb out of its housing bubble and into a decade of economic prosperity.
The financial crisis had hit the state hard, but the government was able to avoid some of the worst impacts.
And by the time the Australian stock market collapsed, it had returned to growth, albeit with a much smaller share of the economy.
Today, the country is again facing the threat of a similar downturn, and a different set of challenges is also emerging.
With a population of more than one million, Australia’s economy is projected to grow by about 2.5 per cent this year.
That growth will be offset by a further 2.2 per cent decline in net exports over the same period.
But while there are signs of economic recovery in other parts of the country, the main drivers are an ageing population, rising costs and an ageing workforce.
Australia has a growing population, but its birthrate is declining.
As the baby boomers retire and the population ages, the gap between the population of Australians ages 65 and over and those who are under 30 is projected, according to the Commonwealth Fund.
According to the Bureau of Statistics, the number of Australians aged 65 and above is projected at more than 1.5 million, but that’s down from 2.8 million just three years ago.
Australia has had a steady increase in population over the last two decades.
In 2020, there were more than 9.5 billion people aged 65 years and over.
This number is projected by the Commonwealth to grow to more than 12.6 billion in 2061.
It is projected that the number aged 65 to 69 will grow to nearly 15.1 million in 2060.
However, while population growth is predicted to continue to accelerate, the demographic transition is expected to accelerate.
Over the next 20 years, the Commonwealth’s population projections show a population that is expected have a higher proportion of Australians under 30 than in 2036.
If the population were to continue at its current rate of growth, the population aged 65-69 would rise to nearly 9.7 million in 2020, up from 8.6 million in 2021.
There is some good news, however.
By 2066, the majority of Australians over 60 are expected to be aged 65 or over.
That is expected by the government to increase to a more comfortable 65 per cent of the population by 2066.
More people are likely to be born to Australians under the age of 60, which is also expected to increase.
Yet there are a number of challenges that must be addressed before Australia can become more diverse.
For one, Australia has an ageing and increasingly urban population.
While population growth has slowed in the last few decades, there is still a long way to go.
Even if Australia can continue to attract and retain talented people, the ageing population will still grow.
One of the reasons why this is happening is that, unlike in some other developed countries, the median age of a person in Australia is lower than in most other developed nations.
So a person living in Australia with a median age will be more likely to live in their home city.
Meanwhile, the proportion of the Australian population aged under 35 is also projected to increase, from 19 per cent to 24 per cent in 2020.
To tackle this, the government has announced a plan to encourage and support a younger population, which includes a $3.5 trillion package of measures aimed at improving Australia’s aged care system.
These include $400 million over five years to support more aged care providers, as well as a $2.3 billion fund to help develop the aged care industry, including a new $5 billion fund for the Royal Melbourne Hospital.
Some of these measures are already in place.
Among other things, the health budget will be increased by about $1.5bn, to help pay for the delivery of more care for older Australians.
Further to that, $400m will be earmarked for the construction of new aged care facilities, and another $500m will go towards an ageing support network.
Other measures are also being introduced, including new benefits for people who have retired and a $300 million funding for the establishment of aged care hubs.
Alongside this, a $4 billion fund will be created for the development of a health workforce.
This includes an $8 billion funding to train about 800,000 aged care workers.
All of these initiatives will support the growth of the aged population in Australia, but there are some areas that are particularly important.
Firstly, the budget for aged care needs to be expanded, which means a $1 billion increase to the age-based benefit for those who have aged over 65. Second