Treasurer addresses ageing population
Treasurer Wayne Swan has described the rapidly ageing population as a process “unparalleled in human history”. “It’s something governments around the world, as well as scientists, economists and social strategists, are paying serious attention to,” he said during his address to the Older Workers and Workability conference last week.
Treasurer Wayne Swan has described the rapidly ageing population as a process “unparalleled in human history”.
“It’s something governments around the world, as well as scientists, economists and social strategists, are paying serious attention to,” he said during his address to the Older Workers and Workability conference last week; adding ageing is also an issue Australia’s government is acknowledging.
According to Mr Swan, “baby boomers have been changing the world since the 1960s; and they’re about to do it again”.
“When the pension age was set at 65 years in 1908, most workers didn’t live much past their 65th birthday. Now we can expect most people will live for 20 or even 30 years longer.
“Those extra years can be rich, full of meaning, and no less valuable than those of traditional working age,” he said.
Mr Swan’s detailed address spoke of the importance to have an economy and workforce that is resilient.
“In the same way we saw a big shift in the number of women entering the workforce in the 1970s and 1980s, this now confronts us with our seniors,” he said.
“How can we imagine not tapping into the talent, experience, skills and capabilities of this rapidly growing group of Australians?” he asked.
“In most workplaces, having the word ‘senior’ in front of your title has positive connotation, knowledge, authority, responsibility, respect.”
One of the long-term challenges Mr Swan said the government acknowledged was improving participation rates for mature age workers.
He listed some of the steps the government has taken to address the problem as:
- A gradual increase in the superannuation preservation age.
- Transition to retirement rules allowing people to draw down superannuation while continuing to work.
- Tax-free superannuation at age 60 and tax deductible superannuation contributions to age 75.
Other recommendations the report made included strengthening age discrimination legislation, funding an education and awareness campaign to tackle ageism and age discrimination, and providing financial support to older people of limited means to facilitate access to.
