The Australian Government has released its 2015 Intergenerational Report: Australia in 2055, which predicts how Australia will change over the next 40 years. In general, Australians are expected to live longer and improve their incomes and quality of life. The changing landscape will present both opportunities and challengers to marketers over the next 40 years. Among the key takeaways from the report include:
- The number of over 65s in Australia will more than double by 2055.
- Life expectancy will increase in 2055 to 95.1 years for men and 96.6 years for women.
- Over 65s will increase their workforce participation to 17.3%.
- Females will also increase their workforce participation, to 70%.
- The average annual growth of real GDP will decline to 2.8% over the next 40 years compared with 3.1% over the past 40 years.