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Coping with Population Ageing in Australia

Listed author(s):
  • David Carey
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    As in other OECD countries Australia’s population is ageing progressively. On unchanged policies, this will increase government outlays for public pensions and health care, causing a deterioration in budget balances, and reduce economic growth (mainly by lowering growth in the labour force). Nevertheless, the prospective deterioration in Australia’s budget finances is much less than in most other OECD countries because the government only provides the first pillar of retirement income arrangements and means tests this age pension. Moreover, superannuation (private pension fund) benefits are growing, reducing entitlements to the age pension. Even so, the budget costs of population ageing could be lowered by reducing the scope for early retirees to draw on superannuation savings and by requiring individuals to prefund part of the costs of long-term aged care. But the greatest challenge facing Australia policy makers in reducing the costs of population ageing is to roll back the trend ... Comme dans d’autres pays de l’OCDE, la population australienne vieillit peu à peu. Si l’on ne prend aucune mesure pour faire face à ce vieillissement, il gonflera les dépenses publiques au titre de pensions et de la santé, ce qui se traduira par une dégradation des soldes budgétaires, et réduira la croissance économique (due en particulier à la faible progression de la population active). Néanmoins, la dégradation prévisible des finances publiques en Australie est moindre par rapport aux autres pays de l’OCDE car le gouvernement prend en charge seulement le premier pilier des dispositifs de revenu pour la retraite qui est soumis aux conditions de ressources. Par ailleurs, les cotisations de retraite (fonds de pension privé) augmentent, réduisant ainsi les droits à la pension de vieillesse. Cependant, les coûts budgétaires du vieillissement de la population pourraient être réduits en diminuant les possibilités pour les pré- retraités de retirer leur épargne des fonds de retraite ...

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    Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 217.

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    Date of creation: 23 Jul 1999
    Handle: RePEc:oec:ecoaaa:217-en
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