‘Get real’ on older workers
A seniors’ lobby group has hit back at reports that Australia will lose its triple-A credit rating as a result of the ageing population and says changing our attitudes to employing older workers is key to improving national productivity.
A seniors’ lobby group has hit back at reports that Australia will lose its triple-A credit rating as a result of the ageing population and says changing our attitudes to employing older workers is key to improving national productivity.
Ratings agency, Fitch, has warned the ability of governments to cover health and pension bills is “the most pressing risk to high-grade sovereign ratings.”
According to media reports today, Fitch predicts the ratio of all government debt in Australia to the nation’s gross domestic product will rise to 144.6% by 2050 as a consequence of the ageing population.
National Seniors chief executive, Michael O’Neill, confirms the proportion of older people in Australia is increasing, but to speak of the change in “crisis” terms was an exaggeration.
“We don’t accept these forecasts that the ageing population is a ‘crisis’ which is going to drain the government’s coffers,’’ Mr O’Neill says.
“It is up to us as a society to adapt to this imbalance and we can start by increasing workforce participation amongst the over-50s.
“Employers must change their mindset on older workers and recognise, and capitalise on, what they have to offer,” he says.
According to Mr O’Neill, “grey is the new gold and it’s time the government, employers and wider society begin to realise this.”
A 2009 report by National Seniors Australia showed the Australian economy was losing $10.8 billion a year by not utilising the skills and experience of those aged 55 and over.
