Australia is experiencing a post-COVID baby boom, throwing off the financial worries of the pandemic recession when the nation’s fertility rate fell to an all-time low.
The federal government’s latest annual population statement, to be released in full on Friday, shows a small but clear increase in the national fertility rate that will help lift Australia’s population, which is now expected to be more than 39 million by 2060.The nation’s fertility rate dropped to an all-time low of 1.
However, despite the post-COVID bounceback the fertility rate is still expected to continue to decline in the long term. The ageing population, coupled with increasing life expectancies, raises the risk of workforce shortages while affecting Australia’s moribund productivity levels. A growing cohort of Australians will need aged care and support services in the future, he said, which should be viewed as a “big opportunity for Australia’s economy”.
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