Is there a wider lesson on the principles of government outsourcing and privatisation from Australia's Vocational Education and Training market? Forme
There is much excitement around different methodologies and technologies in the “government innovation” space, but which of these is hyped and whi
We recently moved our readers to a new system. You may need to reset your password here to login.
Not a member ? Join here for free.
Forgot your password?
Home Features Christopher Kent: challenges (and opportunities) in ageing
Text size :
TAGS Reserve Bank of Australia, ageing, Christopher Kent, ageing population
We all know the policy challenges of an ageing population, but what are the opportunities? The Reserve Bank’s assistant governor calls for an element of risk-taking.
Population ageing is driven by three different forces. The first is the baby boom that followed World War II. The second is the drop in fertility rates thereafter. Combined, these two changes led to a “bulge” in the age distribution of the population (see graph). The early part of this cohort began to retire from around the turn of the century and the baby boom is increasingly putting downward pressure on the share of the population that is of (traditional) working age.
The third force driving population ageing is rising longevity. Australians born today can expect to live nearly 25 years longer than those born a hundred years ago. The increase in life expectancy has occurred throughout this period and appears to be ongoing.
Conversations about ageing often focus on the challenges it poses. But it also provides us with numerous opportunities. Let’s first consider some of the challenges and assume for the moment that behaviours don’t respond to population ageing.
Receive unlimited access, get all the latest public sector news and features, plus The Juice, our daily news update sent direct to your inbox.
The Mandarin is where Australia's public sector leaders discuss their work and the issues faced within modern bureaucracy. Join today to discover the latest in public administration thinking and news from our dedicated reporters, current and former agency heads and senior executives.
Christopher Kent is the assistant governor (economic) at the Reserve Bank of Australia, acting as the chief economic advisor to the governor and the board. He was previously the head of the departments of payments policy and economic research development.
Read Related Content