Ageing population to change business

Healthcare, housing construction and personal finance sectors are the winners in a new population report that lists an ageing population and growing migration as the biggest demographic changes.

The inaugural PKF Business & Population Monitor examines the effect of demographic changes on Australian business.

The report highlights that the proportion of the working age population is expected to nosedive in the next five to ten years, and the ratio of over 65s to the 15 to 64 age group will almost double over the next three decades.

While spending on clothing, cars and entertainment falls once a worker retires, more money is spent on health insurance, gambling, books, home improvement, electronics and travel.

The report said investment in retirement villages and aged care accommodation would continue to grow.

Construction of aged care facilities topped $1.4 billion in 2007, up 38% on the previous year.

Businesses involved with health care were likely also to benefit from an ageing population.

The report also says businesses benefit from retaining mature age workers.