Around 2.8 million Australians tuned in to Channel 9 in mid-October 2014 to watch the auc on of The Block, the most recent instalment of the hit property renova on show. The highest-ra ng reality TV show in Australia documented in painful detail the shock and dismay of the Block par cipants as their apartments were sold at auc on.We are a na on mesmerised by housing and home improvement.
This is a paper about older Australians and their homes. Homes are bricks and mortar and more.
1.8 million people aged over 85 in 2050. One in four people aged over 65 by 2056. Life expectancy at birth rising by 25 years in the last century. One million people with dementia by 2050. 85,000 more aged care places required in the next decade. Get the picture? None of this is news. We have known about the trends in ageing and longevity for a while now.
Australia’s retirement income system is becoming unsustainable. This is not because too much money is spent on the age pension. Australia spends an average of 3.5 per cent of its GDP on age-related spending against an OECD average of 7.8 per cent. Per Capita’s detailed analysis shows that unsustainability and inequality are the two emergent trends in Australia’s retirement income system.