Old Asia sets sights on Aussie of­fer­ings

The Courier-Mail - - BUSINESS - ED­WARD BOYD

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.

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