Old Asia sets sights on Aussie offerings
ASIA’S ageing population is set to open up a vast number of economic opportunities for Australian businesses looking to sell their services in the world’s biggest market.
A report released today by Deloitte has found that by 2030, Asia will house a whopping 60 per cent of the all people on earth aged over 65.
Deloitte’s Voice of Asia series forecasts that people in Asia aged over 65 years will grow from 365 million in 2017 to a staggering 520 million in 2027 – creating emerging challenges for economic growth in Asia but huge opportunities for Australian businesses.
“Rare among rich nations, Australia has a track record of welcoming migrants to our shores; that leaves us less at risk of an ageing-related slowdown in the decades ahead,” Deloitte Asia Pacific partner Ian Thatcher said.
“And we are also very well positioned to sell into the changing growth dynamic in Asia.”
Mr Thatcher said having benefited from the mining boom and selling vast amounts of resources into China, the future potential for Aussie businesses in Asia will lie more in other countries and other sectors of the economy.
“Australian businesses in tourism, agribusiness, health care, education and wealth management will all see a tailwind of Asian demand in the years ahead,” he said.
Deloitte believes demand for Australian produce is set to increase significantly over the next few years – particularly fresh foods which are high in proteins.
Higher education already generates $20 billion per year and Deloitte says the additional possibility of using education as a pathway to citizenship could pave the way for selling even more educational courses to people from India, Indonesia and the Philippines and other countries.
Deloitte also predict Australia’s wealth management industry, which boasts $2 trillion dollars in assets under management, will benefit from ageing Asian populations looking for attractive places to store their nest eggs.
The report also predicts that India will rise into an economic superpower over the next decade, with its potential workforce increasing from 885 million today to 1.08 billion people in the next 20 years.