The main issue regarding baby boome

The main issue regarding baby boomers ageing is the strain that the rapidly ageing population will endow upon the economy due to increased government expenditure on medical, pension, housing and aged care services. Since Australia’s labor force (population age between 15-64) is currently not increasing at dramatic rates, it is suggested that there will not be enough members within the workforce to provide the resources and social support required to maintain a standard lifestyle for the aged (Australian Bureau of Statistics, 2006). Furthermore due to the Global Financial Crisis shrinking superannuation funds, many baby boomers will be unable to accumulate enough finances to support themselves into retirement (Productive Ageing Centre, 2012). Therefore more responsibility will fall upon the government to provide for the ageing population and stunt economic growth. It is expected that by 2030 in Australia for every 33 people receiving pension, there will 100 people in the workforce indicating that approximately a third of the population will require financial assistance (Wesley Mission, 2012). It is evident that the baby boomers will continue to age and become highly reliant on an economy that does not have sufficient workers to supply their demands revealing an obvious upheaval in economic balance that has the potential to send Australia into another financial crisis (Productive Ageing Centre, 2012).

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The main issue regarding baby boomers ageing is the strain that the rapidly ageing population will endow upon the economy. Due to increased government expenditure, on medical pension housing and, aged care services. Since Australia s labor force. ' (population age between 15-64) is currently not increasing at, dramatic ratesIt is suggested that there will not be enough members within the workforce to provide the resources and social support. Required to maintain a standard lifestyle for the aged (Australian Bureau, of Statistics 2006). Furthermore due to the Global. Financial Crisis shrinking, superannuation fundsMany baby boomers will be unable to accumulate enough finances to support themselves into retirement (Productive Ageing. Centre, the 2012). Therefore more responsibility will fall upon the government to provide for the ageing population and stunt. Economic growth. It is expected that by 2030 in Australia for every 33 people, receiving pensionThere will 100 people in the workforce indicating that approximately a third of the population will require financial assistance. (Wesley, Mission 2012).It is evident that the baby boomers will continue to age and become highly reliant on an economy that does not have sufficient. Workers to supply their demands revealing an obvious upheaval in economic balance that has the potential to send Australia. Into another financial crisis (Productive, Ageing Centre 2012).