Capitalizing On Australia’s Ageing Population

Australia’s population is much older today than it has been in the past, and both the number and proportion of older people is growing steadily. In 1964, the median age in Australia was 28.5 years, and 8% of the population (948,100 people) were aged 65 and over. Only 0.4% of the population (50,100 people) were aged 85 and over.

In 2014, the median age had increased by almost a decade to 37.3 years, and the number of people aged 65 and over had more than tripled to 3.4 million. Older people now account for an increasing share of the population—15% of Australians were aged 65 and over in 2014, compared to 8% in 1964. In addition, there has been a ninefold increase in the number of people aged 85 and over, up to 456,600 or 1.9% of the population in 2014.

These trends are predicted to continue into the future, particularly as the baby boomer generation ages. The first baby boomers were born in 1947 and turned 65 in 2012, and will slowly be moving in to the ‘old old’ cohort—those aged 85 and over. Based on population projections by the Australian Bureau of Statistics, by 2064 there will be 9.6 million people aged 65 and over, and 1.9 million aged 85 and over, constituting 23% and 5% of Australia’s projected population respectively Source

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