AGED – ECONOMIC ASPECTS – AUSTRALIA

Cost of Australia’s aged care system to taxpayers could double, experts warn

roymorgansocial Leave a comment

Original article by Christopher Knaus
The Guardian – Page: Online : 17-Jun-22

Australia’s aged care system costs taxpayers $27 billion a year, or roughly 1.2 per cent of GDP. However, a report by the University of Technology Sydney’s Ageing Research Collaborative claims its cost could rise to 2.1 per cent of GDP within 40 years. The report notes that additional government funding will be needed, but that more money is not the only solution to addressing the system’s problems. Work needs to be done on increasing the independence of older people in order to reduce demand, while government subsidies for aged care need to be used more effectively.

CORPORATES
UNIVERSITY OF TECHNOLOGY, SYDNEY

Ageing a $36b hit to budget within a decade

roymorgansocial Leave a comment

Original article by Matthew Cranston
The Australian Financial Review – Page: 10 : 2-Apr-19

The Parliamentary Budget Office has predicted that Australia’s ageing population will see government revenue fall by around $20 billion within the next 10 years. This is due to reduced workforce participation, which results in less people paying tax; spending on the aged is tipped to rise by $16 billion over the same period. However, the PBO notes that immigration can help to offset the possible impact of ageing on the budget, as most migrants tend to be younger than the average, while they can boost the birth rate by increasing the number of people of reproductive age.

CORPORATES
AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Budget deficits for 40 years

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 6-Mar-15

The Australian Government’s Intergenerational Report forecasts that the nation’s population will rise from 23.9 million to 39.7 million over the next four decades. It also forecasts that Australians will live longer, with more than 40,000 people over the age of 100 by 2055, while the workforce participation rate of people aged 65+ will rise and there will be fewer people under the age of 65 in the workforce. Treasurer Joe Hockey has used the release of the report to warn that Australia faces decades of Budget deficits unless policy reforms are implemented

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, MIGRATION COUNCIL OF AUSTRALIA

Hockey puts tax debate on hold

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 13-Feb-15

The Australian Government will issue its tax white paper after the release of its intergenerational report. Treasurer Joe Hockey said on 12 February 2015 that the intergenerational report will provide significant information about factors that are likely to affect Australia’s tax policy. The Government had originally planned to release the tax white paper before Christmas 2014

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Home care costs to rise in ageing nation

roymorgansocial Leave a comment

Original article by Nassim Khadem
The Australian Financial Review – Page: 15 : 14-Jan-15

A report produced by the Association of Superannuation Funds of Australia examines the estimated household budget that retirees will need for both a "modest" and "comfortable" lifestyle in retirement. It concludes that people in their 90s will generally need less income in retirement than those in their 70s, although most will also require a higher level of care in their home. More than 50 per cent of older retirees still live in their own home

CORPORATES
THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE TREASURY