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Australia's Ageing Population

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Australia's Ageing Population
The Implications of an Ageing Population in Australia
I am specifically looking at the problems surrounding an ageing population, the effects on supply and demand, issues with the government and impacts on the economy.

Introduction
Australia’s population is steadily ageing and implications that the country faces as a result of this, is something that economists and governments alike fear. Leading factors such as significant increases in demand for health care, medical services, financial aid from the government and a decrease in the supply that will be available to cater these needs and financial pressures on the government are just some of the many, threatening to jeopardise the economy in the next forty years. The ageing population …show more content…
With a decrease in the amount of people able to contribute to this tax revenue, the government must start thinking about the years to come, now. If government revenue decreases significantly due to ratio of workers to non workers also decreasing, this leads to an economic catastrophe as the aged are one age group that provide the biggest cost to the government in terms of health care and medical services. In my opinion one of the scariest realities is going to be the huge demand and need for health care and medical services, at the same time this is going to be and already is one of the biggest costs for the government. This is also illustrated by article, ‘ Rudd warns of massive hikes in health costs’, stating that NSW treasury figures show health costs for the aged will rise to seven times higher than they currently are, in 40-50 years time. The article further states that Kevin Rudd is worrying about health costs as well, ‘with fewer people in the workforce to generate tax revenue, governments around the nation are facing rapidly rising health costs.’
As stated on the Australian Local Government Association website, local governments are trying to enforce new measures to ensure the sustainability of our economy. The Australian Local Government Population ageing plan 2004-2008 has been developed, …show more content…
Economic implications of an ageing Australia, No Author found. Accessed the 21st April 2010 http://www.alga.asn.au/submissions/2004/20040924Ageing.php Books
Mullan.P, 2001.The imaginary Time Bomb: Why ageing population is not a social problem, I.B.Tauris, 2001, U.S.
Gans, King, Stonecash, Mankin,2009. ‘Principles of Economics’, 4th Edition, Hardcourt Australia Pty Limited, Australia.
World Wide Web Document
Blinder.A.S, 2002.‘Keynesian Economics.’ Viewed 28th April 2010. http://www.econlib.org/library/Enc1/KeynesianEconomics.html Media
Australian population to hit 35 Million in year 2049, Youtube, viewed 9th May 2010http://www.youtube.com/watch?v=johZ5EdbqC8
Online Newspaper Articles
Promnitz.P, 2010. The next GFC: our ageing population, viewed 28th April 2010, http://www.smh.com.au/opinion/politics/the-next-gfc-our-ageing-population-20100119-miot.html
Harrison. D, 2010. PM warns ageing population time bomb, viewed 28th April 2010, http://www.smh.com.au/national/pm-warns-of-ageing-population-time-bomb-20100118-mgst.html
No Author found, 2010. ‘Rudd warns of massive hikes in health costs’, Viewed 29th April 2010
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