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Bernard Salt

A shot in the arm for boomer retirement

Bernard Salt
Social distancing: we’ve all had to change how we do things
Social distancing: we’ve all had to change how we do things

For the better part of three years the coronavirus commanded our attention, resources and discussions. It is fair to say that the psychological impact of the pandemic on the Australian people has been similar to that of a war or perhaps the Great Depression, the privations of which created a frugal generation that carried these values through the decades. So what are the lessons we have learnt and are likely to carry forward into the 2020s?

Almost immediately the pandemic prompted the advent of work from home, giving time and resources back to commuters. In fact, the speed and ease with which Australians adapted reflects an intrinsic agility that can be relied upon in times of national calamity. WFH was technically possible at scale because of the completion of the rollout of the broadband network just prior to the onset of the lockdowns. Indeed, one of the unintended dividends of a (near) universal broadband network is that, in times of global pandemic (and there may be more in the future), work can continue at home for many workers in knowledge industries.

During the pandemic we have responded to trade embargoes by finding new markets. We have pursued new defence equipment via new agreements with established allies. And CovidSafe apps and QR codes not only helped track the virus, they also prompted more Australians to become familiar with digital technology. The focus of everyday life seems to have shifted from the cafe, the CBD, the inner city, to the family home. We are more likely to travel domestically. The home is commanding a greater share of wallet with new technology, appliances and furnishings perhaps funded by redirected “Bali money”. Many Australians have taken the opportunity to relocate interstate or to treechange and seachange destinations in lifestyle zones just beyond the city’s edge.

For older Australians contemplating retirement, the pandemic has been a game-changer. To their way of thinking they have just lost two of their remaining “good years” to the pandemic. As a consequence they determined post-lockdown to toss in work and formally retire, thus exacerbating the skills shortage. Nevertheless, more Australians than ever are in work. We are now focused on the importance of training and skilling the next generation of workers, and finding ways to attract, retain and upskill workers from within and beyond Australia. Skilled workers, and not so skilled workers, are in hot demand.

At a personal level, the threat of pandemic, the fear of mortality, the need to hold fast together, to look after each other, to find a better way of moving forward are all outcomes from the pandemic. The Covid tsunami wipes clean the slate and invites new thinking by a new generation to manage the way forward. A heightened focus on aged care, childcare, disability services, new defence systems and new political priorities are all linked in my view to the singular purpose of rebuilding a better Australia. We did this, or similar, in the late 1940s. There’s something about calamity, about a large-scale threat to life, that focuses the national mind and invites bold, brash, outrageously ambitious thinking.

Everyday Australians responded well to the pandemic by adapting to new ways of working, staying connected and caring for others. The final lesson? It’s this agility, this determination to find new pathways and to look out for others that reflects a strength that I don’t think we knew was there prior to the pandemic. Sometimes strengths are exposed by adversity.

Read related topics:Coronavirus
Bernard Salt
Bernard SaltColumnist

Bernard Salt is widely regarded as one of Australia’s leading social commentators by business, the media and the broader community. He is the Managing Director of The Demographics Group, and he writes weekly columns for The Australian that deal with social, generational and demographic matters.

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Original URL: https://www.theaustralian.com.au/weekend-australian-magazine/a-shot-in-the-arm-for-boomer-retirement/news-story/62c1a29d64cdd48848f57e75743e45e5