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THE GREYING OF AUSTRALIA

Federal Budget 2002 and the Aftermath

Better medicine and health care is ensuring Australians live longer. In 40 years, there will be more people aged over 55 than under 55, and this presents an enormous fiscal challenger to the Federal Government.

The Gold Coast already has one of the highest aged populations in Australia, and that is set to increase as the population in general ages, and more and more retirees look to head north for their own place in the Queensland sunshine. For the Commonwealth Government, it’s a double edged sword. We all want to live longer, be healthier and enjoy life during the latter stages of life.

BUT, over the next 15 years, the baby boomers generation will begin to reach retirement age, signalling the start of a trend which will place an enormous burden on Federal treasury offers. The fiscal drain will continue with spiralling age pension costs. This year, 2.7 million Australians received the age pension.

Mr Costello will provide extra Superannuation incentives designed to convince Australians to take responsibility for their own retirement income.

Extract from The Gold Coast Bulletin Business

 

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