The Actuaries Institute today said that significant policy changes are needed so that Australia’s financial sector and retirement income system can cope with the nation’s ageing population.
In its submission to the Financial System Inquiry, the Institute said Australia faces a sharply increasing demand for acute health care and aged care. Over the next 30 years, the number of people aged 65 or over will double from 3.5 million (15 per cent of population) to 7 million (22 per cent) and will outnumber the under 18s. Importantly for healthcare policy-makers, the over 85s population nearly triples from under 0.5 million to 1.4 million.
Leave a Comment
You must be logged in to post a comment.