Australia’s population is forecast to grow slower and age faster than anticipated.
Many baby boomers are reaching retirement right now. This is contributing to a rapid change in the ratio of working-age people to those over 65.
In 1981-82, for each person aged over 65, there were 6.6 people of working age.
Today, there are four working-age people.
By 2060-61, there will only be 2.7.
Because as the population ages, more pressure is put on the health and pension system. Less working-age people means fewer tax dollars to spread around for those services.