The IGR focuses on the old, when the future belongs to the young (original) (raw)

Abstract

Releasing Australia’s fourth Intergenerational Report, Joe Hockey described it as the “social compact between generations”, which would help “identify where the future opportunities will be” and “unlock the immense potential of our future”. According to the Treasurer, these opportunities are to be found in Australia’s older population - a “grey army” to drive productivity and prosperity. By 2055, however, the large majority of Baby Boomers who make up this “grey army” of workers will no longer be alive. The remaining Boomers who by then will be aged somewhere between 70 and 90 will be highly unlikely or unable to contribute to the labour market in a productive manner. Any suggested increases in the labour force participation amongst this group are of course on the condition that this generation is willing to (re)negotiate with the government to work beyond the long held idea of retirement at 65. A prospective that seems unlikely. The 2015 Intergenerational Report misidentifies future opportunities for greater productivity and labour force participation by looking to the past and not to the future. As with the previous 2010 Report, the 2015 IGR stubbornly and somewhat blindly focuses on the current workforce and ways to improve older and female labour force participation.

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