As the large group born during our baby boom, 1946 to 1965 ages, it creates an economic burden on the shrinking working population by increased health, pensions and aged care. Our death rates are remaining consistently low and longevity is ageing our population as the average age climbs beyond the current 36.7
This 'gift' effect is not automatic and was earned by the presence of suitable economic policies, including high immigration, that allowed a relatively large workforce to be productively employed, evident in our current participation rates.
Now, the first wave of baby boomers are about to retire on mass. 1.2 million people will be added to the over 65's by 2015.
Low unemployment percentages will remain throughout the 'grey economy' starting this year and remain low, if not approach 0% as the full effects of the baby boomers, all retiring over the next 16 years, is felt.
Job ads will rise or stagnate as business will find it increasing harder to get staff. This trend will also continue well into this decade approaching.
Perhaps we should call the next 16 years the 'retiring economy' then after that the 'grey economy' 2026 to 2035
Then, as we have the boomers starting to die on mass, 2035 to 2045, the 'black economy', followed by the 'green economy' as the average age might actually drop. 2045 to 4000.