The report unveils insights about all that’s impacting our quality of life and our financial and personal aspirations.
One thing is clear: times have changed. The Australian labour market is unrecognisable compared to 100 years ago.
Some occupations have been wiped out completely. We’ve moved away from being an agriculture-based economy to a service-based economy due, more than anything else, to technological developments.
The work we do, the money we earn and the number and types of people working, paint a picture of an Australia that’s very different to the one our parents and grandparents knew.
On top of many new job functions, shifts in demographics and gender functions are creating a uniquely modern Australia.
We’re also living longer. We’re working into our later years and saving harder for retirement.
And while 100 years ago, the only occupation category with a majority of female workers was domestic work, women now occupy majorities in four of eight occupation classifications.
But Australia’s fertility rate is below replacement level; the proportion of working age people is likely to drop to 60% by 2050.
And there are other new challenges facing Australia’s workforce.
Nearly a quarter of the population will comprise people aged 65 and older—in the near future. They’ll have left the workforce and taken valuable skills, networks and experience gathered over many years with them.
But that’s not all. At the same time, many young people are struggling to find work and aren’t getting the experience they need to do the jobs vacated by older workers.
Some jobs are expected to be phased out completely. But one job will be integral to Australia’s future prosperity: the role of passing on skills and knowledge to a younger workforce.
What lies ahead?
If Australia is to maintain financial stability in the future—particularly with regard to its burgeoning ageing population—things need to change.
We’ll need to manage our savings more rigorously during our working years. And address gaps created by time spent away from the workforce to raise a family, study or care for others.
Read the latest AMP.NATSEM report and find out the new areas of focus that can ensure our futures will be secure and enjoyable.