NT News

Births, deaths & bigger backyards

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MUCH of what we had pre-Covid we will never see again. From regional growth to redefined work practices, it’s not the continuati­on of how things were but the start of a whole new reality.

SMALLER, OLDER AND LESS CULTURALLY DIVERSE

Covid has seen a slowdown in population growth as a result of delayed migration, combined with a slight drop in the fertility rate due to economic uncertaint­y. By 2031, it is likely that Australia’s population will be 1.1 to 1.4 million people smaller than the pre-Covid estimate of 30 million. We’ll be older and less culturally diverse.

HIGHER COSTS, LOWER REVENUE AND MORE GOVERNMENT DEBT

Covid’s impacts will live on long after the pandemic has passed. The next decade will see higher healthcare, aged care and pension costs. Economic stimulus will result in lower revenues as well as more government deficits and debt than the pre-Covid forecasts.

WORKING LONGER

The pension age is increasing at 0.5 years every two years so at its current trajectory, in 2031 it will be 69. But the knowledge economy will allow people to work into their 70s. It’s likely younger Australian­s will have a longer period in the workforce, more careers and transition­s, and jobs that don’t yet exist.

LIVING LONGER

In 1909, when Australia’s age pension was introduced, life expectancy at birth was 57. Life expectancy is projected to continue rising, albeit at a slower rate. By 2031 life expectancy at birth for females is projected to reach 86.5, and 83.1 for males.

FINANCIALL­Y BETTER OFF

63 per cent of Australian­s believe they will be in a better financial position by 2031 than they are today. This is despite just 24 per cent over the age of 18 feeling extremely or very financiall­y prepared for retirement, and 53 per cent having $5000 or less in their savings account right now and 22 per cent with less than $100 saved

A NEW HOME, WITH A BACKYARD AND HOME OFFICE, AWAY FROM SYDNEY

In the next year or two, 50 per cent plan on looking for a new home to rent or buy that incorporat­es what they value more than they did three years ago: a backyard (59 per cent), detached housing (54 per cent) and a home office (41 per cent). Some 60 per cent of Australian­s who don’t currently live in a regional area have considered moving to a regional area, with 42 per cent attracted to the idea of moving away.

GEN Y + Z = THE NEW WORKFORCE

By 2031, Gen Y and Gen Z will comprise almost two thirds of the workforce and Generation Alpha almost a tenth.

WORK AND HOMEWORK

Sixty-two per cent see a hybrid model as their ideal arrangemen­t, incorporat­ing a mix of working from home and the workplace, 25 per cent want everyone at work all the time, while 14 per cent say working from home all the time is their ideal.

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