Treasurer Jim Chalmers has warned the portion of working age population will dwindle dramatically in the years ahead, leaving fewer people to pay for government services such as aged care, the NDIS and defence.
Precipitated by a falling fertility rate and people living longer, the forecast drop contained in the Albanese government’s Population Statement 2022 also highlightsExtracts from the statement, which is slated for release on Friday, show the so-called old age dependency ratio – the ratio of working-age people to those over 65 – fell from 7.3 in 1975 to 4 today, and is expected to hit 2.6 by 2061.
“Under this scenario, the population would grow to 39.2 million people by 2060-61, and the natural increase [in the population] would contribute around a quarter of this growth,” the population statement said. “The population would age the fastest under this scenario, with the median age rising by 7.2 years by 2060-61. Deaths would increase more than births, culminating in natural decreases by 2048-49,” the statement said.
He highlighted the need to make it easier for parents to work more, to get more people into skills training, and improving the migration program, which is the focus of the migration review being led by Clare O’Neil.
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