Exploding senior population key economic driver

YOUNG Queenslanders will have their grandparents to thank for having a job in the future with an explosion in the ageing population not all bad news. EXCLUSIVE REPORT ON QLD ECONOMY

YOUNG Queenslanders will have their grandparents to thank for having a job in the future.

An explosion in the ageing population will see the proportion of people aged 70-plus grow at more than triple the rate of those in the prime working age group of 25 to 49 over the next decade.

While public debate has focused on the tax burden on younger people to fund pension, health and aged, researcher Bernard Salt said the burgeoning number of seniors would also be a key economic driver.

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“Certainly in the early active years of retirement Baby Boomers will be important consumers,” Mr Salt said.

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“They will comprise a ‘reward me’ trend. The attitude is they have worked hard for 35 or 40 years and they want to enjoy the fruits of that.”

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They will want to travel, dine out and buy household goods. Those who don’t want to downshift will make over their existing home.

“There will be a new kitchen for mum and a new LandCruiser for dad,’’ Mr Salt said.

It would also create an important boost for volunteering in the community.

Mr Salt said in their later years, the growing need for medical care, preventive health and aged care would make the health and social care sector one of the largest and fastest-growing categories for job creation.

His exclusive research for The Courier-Mail shows the number of Queenslanders aged 70 and over will grow 55 per cent from 435,247 to 675,961 by 2024.

Those aged 25 to 49 will ­increase by just 17 per cent to 1.9 million.