the headline was changed:
Statistic in Intergenerational Report spells challenge for Australia as it agesto join Japan, Italy in deaths outpacing births
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For the first time, Australia has a projected date when deaths will outpace births.
By 2066, the median age of an Australian will be 45 compared to 38 and a half today — the population aged over 65 is expected to grow eight times faster than those aged 0 to 20.
Right now, Australia has an old age dependency ratio of about 29 per cent, meaning there are 29 people aged over 65 for every 100 working-age people.
Former home affairs secretary Mike Pezzullo said on Friday that Australia needed about 235,000 people per year longer-term to prevent issues caused by an aging population.
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Summarized version
Former home affairs secretary Mike Pezzullo said on Friday that Australia needed roughly 235,000 people per year longer-term to prevent issues caused by an aging population. In Italy a shrinking tax base and high social spending has contributed to Italy's large public debt and led to labour shortages.
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The article, shortened and in plain language
For the first time, Australia has a projected date when deaths will outpace births.
Japan, Italy and South Korea have already passed the point where their populations are no longer growing thanks to 'natural increase', and from the 2060s onwards Australia will join them, meaning the population will shrink without ongoing migration.
Australians are getting much older and having fewer babies, with both of these trends accelerating according to the latest Intergenerational Report released today.
By 2066, the median age of an Australian will be 45 compared to 38 and a half today — the population aged over 65 is expected to grow eight times faster than those aged 0 to 20.
The security blanket expected to provide resilience against the budget and workforce pressures that an aging population will cause is continued migration to Australia.
Right now, Australia has an old age dependency ratio of about 29 per cent, meaning there are 29 people aged over 65 for every 100 working-age people.
Treasurer Jim Chalmers said the decline in birth rates was one of the biggest changes from three years ago.
Former home affairs secretary Mike Pezzullo said on Friday that Australia needed about 235,000 people per year longer-term to prevent issues caused by an aging population.
On Thursday the federal government announced measures it would take to create breathing room for housing construction to catch up to population growth — though those measures are only designed to bring migration down to 225,000 by 2028, the rate already forecast by Treasury.
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